Korean exchange Gopax halts withdrawals over hacking threat

South Korean exchange Gopax suspended withdrawals on November 6 at 12:55 AM ET (2:55 PM in Seoul) after receiving an email threatening a hack. The exchange moved most of the assets in its hot wallet to a cold wallet that is disconnected from the internet. Korean media report no actual losses so far.

Details

According to Seoul Economic Daily, Gopax halted deposits and withdrawals through its website and mobile app, and trading services are suspended until further notice. The exchange said the step is meant to "prevent financial incidents and protect user assets." Customers can still request withdrawals through the support center, where requests are processed manually after verification and may take longer than usual.

Broadcaster SBS reports the same: Gopax received an email threatening a hack and took preventive measures. Neither outlet mentions a ransom demand or who sent the email, and Gopax has not said when services will resume.

The move follows an autumn wave of attacks on Korean financial firms. In October regulators said 16 companies were hit, including Gopax's operator; see our report on the Gopax and Pravang breach. No crypto theft was reported at that time.

What this means for the market

For now this is a precaution rather than a hack: there are no confirmed losses and no confirmed attack. For Gopax users the main risk is being unable to access funds or trade while the checks last. The key open question is how soon the exchange returns to normal operation. For the live bitcoin price, see the daily brief.