GOPAX halts crypto trading, withdrawals to move all assets to cold storage

What happened

GOPAX suspended deposits, trading and standard withdrawals after receiving an email threatening a hack; a company representative said no hack or attempted theft had occurred at that point. It canceled unfilled orders and said it plans to move all crypto assets into offline wallets. Customers can still request withdrawals through support, but manual checks may delay them.

Confirmed

Global impact / market context

The suspension prevents normal trading and slows access to customer funds, while manual withdrawal checks add processing delays. Moving assets offline is intended to reduce exposure to online theft, but does not restore ordinary service; the halt may also interrupt trading activity and exchange revenue while restrictions remain.

Analyst inference

South Korean regulators had urged exchanges to increase cold-wallet holdings, meaning crypto kept offline, after the article’s cited Binance hack. Exchanges must keep at least 80% of customer assets offline; GOPAX reported 80.54% at September’s end, close to that minimum.

Confirmed

What to watch

1. Whether GOPAX completes its planned transfer of all crypto assets to offline wallets, and whether it provides details on timing or changes to customer access during the move. Proposed
2. Whether GOPAX resumes deposits, trading and standard withdrawals, or keeps manual support-center approvals in place; extended restrictions would prolong disruption to customers and exchange activity. Analyst inference
3. Whether the Financial Services Commission’s call for higher cold-wallet holdings leads exchanges to hold more than the required 80% offline, potentially changing how they manage assets and withdrawals. Analyst inference

Evidence

• cointelegraph.com