GOPAX Implements Precautionary Measures

South Korean cryptocurrency exchange GOPAX halted all operations on November 6, 2026, after receiving an email threatening a cyberattack. The exchange stopped deposits and standard withdrawals at 5:55 a.m. UTC, followed by trading suspension at 6:53 a.m. UTC. All unfilled orders were canceled as part of the immediate response.

A company representative confirmed to local media that no hacking attempt or asset theft had been detected at the time of the announcement. The measures were described as purely preventive to protect user funds amid a series of recent security incidents affecting financial institutions.

Cold Wallet Transfers Underway

In line with the threat response, GOPAX began shifting the majority of assets from its internet-connected hot wallets into cold storage, which operates without direct online access. This step applies to most but not all of the exchange’s holdings and forms part of emergency security protocols.

Users can still submit withdrawal requests through the support center, though manual verification and approvals are required, potentially leading to delays. No direct website or app-based withdrawals are available during the suspension.

South Korean Regulatory Context

The incident occurs against the backdrop of heightened security expectations in South Korea’s cryptocurrency sector. The Financial Services Commission has urged domestic exchanges to increase the proportion of customer assets held in cold wallets, particularly following the October 29 Binance breach that resulted in approximately $6.3 billion in stolen funds.

Under current regulations, platforms must maintain at least 80 percent of customer crypto assets in offline storage. As of the end of September, GOPAX held 80.54 percent in cold wallets, placing it just above the minimum threshold. Other major exchanges reported higher ratios during the same period.

Background and Related Incidents

South Korean authorities have intensified oversight following multiple cybersecurity events. In October, the Financial Supervisory Service identified deficiencies at 130 of 555 inspected financial institutions, with GOPAX operator Streami among 16 companies linked to prior security issues. Plans for stricter monitoring were announced as a result.

Another local exchange, Prabang, suspended services on October 24 after detecting abnormal withdrawals from its hot wallet, reporting losses of approximately 100 million won, or about $70,000. The platform reimbursed affected customers using company funds.

GOPAX itself had previously reported a customer information leak in October involving personal details from seven customers and two employees. The connection between that incident and the current threat remains unconfirmed.

Impact on Users and Operations

The temporary halt has disrupted regular trading and fund movements for customers. No cryptocurrency losses have been reported in connection with the threatening email, and the exchange has not disclosed a timeline for resuming normal services.

As of the latest updates, GOPAX continues to direct affected users to its support team for manual withdrawal processing while the cold wallet transfers proceed. The company has not issued additional public statements beyond the initial notices.