Korean exchange GOPAX halts trading and deposits
GOPAX has paused trading and crypto deposits while it moves all coins to cold wallets, and users must now email requests to withdraw, according to Unchained.
The facts
- According to Unchained, GOPAX suspended crypto deposits and normal withdrawals on Friday, then halted trading and cancelled pending orders while it moves every coin into cold wallets. Neither notice says when service will return.
- Withdrawals now go through emailed requests that staff approve by hand, so payouts may be slower. Coins can only go to a personal wallet registered with GOPAX.
- GOPAX called the step preemptive and cited recent data leaks and hacks at financial firms. Yonhap reported that the exchange received an email threatening a hack, which GOPAX had not confirmed as real. No customer assets have been lost so far.
- Korean rules set an 80% offline floor for customer crypto. Streami, GOPAX's operator, was at 80.54% on Sept. 30, against 99.17% at Upbit and 94.76% at Bithumb, per Block Media. Binance holds 67.45% of Streami, per Herald Business.
Case notes · Danny's take
Why it matters
A cold-wallet move sounds safe, and it is. But safety has a price: no hot wallet means no instant withdrawals. Regulators want more crypto kept offline after the $6.3 billion Binance theft, and this shows what that looks like for the customer. You're safer, and you wait. Also note the gap between the notices, which cite regulator advice, and the press reports of a threat email. Treat the threat as unconfirmed.
For traders
Watch whether GOPAX sets a restart date and whether emailed withdrawals are processed on time. Also check whether Korean won deposits and withdrawals are affected, since the notices don't say. If you hold coins on any exchange with a thin offline share, ask how fast you could get out.
For builders
Custody and withdrawal-approval tooling is the gap here. A tighter offline requirement, if Korea adopts one, means exchanges need faster, safer ways to approve manual withdrawals without leaving large balances in hot wallets.
Not financial advice. Do your own investigation.
This story was summarised with AI from Unchained's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.