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South Korean cryptocurrency exchange Gopax temporarily suspended its trading and deposit and withdrawal services on Nov. 6 after receiving threats of a potential hacking attack. The exchange first halted deposits and withdrawals at 2:55 p.m. local time before shutting down trading at 3:53 p.m. Gopax said it had taken preventive measures in response to financial authorities’ recommendations to protect customer funds and reinforce its security systems.
The exchange plans to transfer all customer-held virtual assets to offline cold wallets to reduce exposure to potential cyberattacks. While customers cannot withdraw funds through the website or mobile app, Gopax is accepting withdrawal requests through its customer service center. The manual review and approval process may take longer than standard withdrawals.
The move follows a series of security incidents affecting South Korea’s cryptocurrency industry and financial sector. Pravang reported the theft of approximately 100 million won worth of virtual assets on Oct. 24, while Bithumb suffered a data breach on Oct. 27 that affected information belonging to 6,444 customers and 715 employees. Broader concerns have also intensified following Binance’s Oct. 29 hacking incident, which resulted in approximately $6.3 billion in reported damages.
Gopax is among South Korea’s five major won-denominated cryptocurrency exchanges, alongside Upbit, Bithumb, Coinone, and Korbit. Despite its position among the country’s five exchanges, Gopax accounts for only 0.01% to 0.02% of domestic trading volume. Binance holds approximately 67% of the exchange’s shares, making it the largest shareholder.
