South Korean crypto exchange GOPAX suspended trading, deposits and standard withdrawals after receiving an email threatening a hack, according to local newspaper Kyunghyang Shinmun. A GOPAX representative told the newspaper that no hack or attempted theft had occurred at that point.
The suspension was reported by Cointelegraph on Nov. 6, 2026, at 18:47:33 UTC+8. GOPAX said it planned to move all crypto assets to offline wallets, citing user protection following leaks and hacking incidents at financial institutions. Its notices also cited financial regulators’ recommendations.
What stopped—and how customers could withdraw
GOPAX halted deposits and standard withdrawals at 5:55 am UTC, then stopped trading at 6:53 am UTC, according to its announcements. All unfilled orders were canceled.
Customers could still request withdrawals through GOPAX’s support center. However, the exchange warned that manual verification and approvals could delay processing. That left access dependent on the exchange’s support and approval process while routine withdrawals were suspended.
Cointelegraph said GOPAX had not responded to its request for comment by publication time.
Cold-storage move follows regulatory pressure
The suspension came days after South Korea’s Financial Services Commission urged domestic exchanges to increase cold-wallet holdings following what the report described as a $6.3 billion Binance hack.
South Korean exchanges must keep at least 80% of customer crypto assets in cold storage. Financial Supervisory Service data previously showed that GOPAX held 80.54% of user assets offline at the end of September, close to that minimum. GOPAX’s announced transfer was a plan to move assets offline, not confirmation that the transfer had been completed.
In October, the Financial Services Commission reported cybersecurity deficiencies at 130 of 555 financial companies reviewed nationwide. It also identified GOPAX operator Streami and crypto exchange Prabang among 16 companies involved in earlier security incidents, prompting plans for tighter cybersecurity oversight.
Separately, Prabang suspended services after detecting abnormal withdrawals from its hot wallet on Oct. 24. According to Yonhap News Agency, the exchange reported losses of about 100 million won ($70,000). Prabang said it would reimburse affected customers using company funds.