Gopax, a South Korean cryptocurrency exchange, has suspended deposits, withdrawals and trading after receiving a threatening email. The exchange has canceled all unfilled orders too. The exchange has described this step as a precautionary measure to protect customer assets from any cyberattack.
As per Gopax, the restrictions are implemented in response to the threatening email and recommendations from South Korean financial authorities. The exchange has not reported an actual security breach.
Exchange Transfers Assets to Cold Wallets
Improving its strategy, Gopax is moving its cryptocurrency holdings from hot wallets to offline cold wallets to reduce the risk. Cold storage generally offers stronger protection against remote cyberattacks because the assets are not directly accessible through internet-connected systems.
South Korean regulators have encouraged cryptocurrency exchanges to maintain at least 80% of customer assets in cold storage as part of broader security measures.
Data from the end of September showed that Gopax already held approximately 80.5% of its assets offline.
Gopax Allows Emergency Withdrawals Through Support Center
Standard withdrawals through the Gopax website and mobile application are currently unavailable. However, users who need to withdraw their assets urgently can submit manual requests through the exchange’s customer support center.
These requests will undergo internal verification and approval before processing. As a result, customers may experience longer waiting times than usual. Gopax has not provided a specific timeline for restoring its regular services.
Other Korean Exchanges Issue Gopax Warnings
The security concerns have also prompted notices from other major South Korean cryptocurrency exchanges too. Upbit and Bithumb exchanges have also warned their users about transfers involving Gopax. They have informed beforehand that they could restrict withdrawals if needed.
The development comes amid broader cybersecurity concerns. The concerned have specifically increased multifold after the $6.8 billion Binance hack last week. Gopax has also faced security issues in recent months. In October 2026, the exchange disclosed that personal information of some customers and employees had been compromised.
