With Gopax withdrawals suspended after hacking threat reports, customers must request coin transfers through support rather than the website or app. The South Korean exchange also stopped trading and announced plans to move all held virtual assets into offline cold wallets. No actual asset loss has been reported.

Key takeaways

• Gopax halted standard deposits and withdrawals at 2:55 p.m. local time on Friday and stopped trading at 3:53 p.m.
• Customers can request manual withdrawals through support, subject to internal verification.
• Gopax said it plans to transfer all held virtual assets into offline cold wallets.
• The hacking threat remains unverified, and Gopax has not announced a reopening date.

Why were Gopax withdrawals suspended after hacking threat reports?

Gopax suspended its standard services after receiving an email from someone claiming they could hack the exchange. A company official told Yonhap News Agency that the threat had not been verified.

The exchange described the shutdown as a preventive step to protect customer assets. That distinction matters: the information released so far describes a threat and a defensive response, not a confirmed theft.

“We ask for your understanding, as this measure is intended to prevent financial incidents and protect user assets,” the company said.

Customers face a real loss of normal account access even though no loss of funds has been reported. They cannot trade, and they cannot use the usual website or app withdrawal tools. Gopax has not said when those services will return, leaving users without a firm timeline for normal access.

Which Gopax services stopped, and which remain available?

Trading and direct withdrawals remain unavailable, while later Korean coverage said deposits had been restored.

Yonhap reported that Gopax first stopped standard deposit and withdrawal services at 2:55 p.m. local time on Friday. The exchange then halted trading at 3:53 p.m. Chosun Biz reported that all open orders were canceled when trading went offline.

Trading and open orders

With trading stopped, customers cannot buy or sell assets on Gopax. The cancellation of open orders also means that previously submitted orders are no longer waiting to execute. Users should not confuse an order cancellation with a completed trade.

Deposits and direct withdrawals

Deposits were initially paused alongside withdrawals. Later reports said deposits had resumed, but withdrawals through the website and app remained closed. A restored deposit service therefore does not mean that all account functions are back.

Manual withdrawals through support

Customers who want to withdraw coins must apply through the Gopax customer support center. Staff process those requests manually after internal verification. The exchange has warned that this route will take longer than normal withdrawals.

The source does not give a standard processing time for each request. Customers should therefore distinguish between being able to submit a request and knowing when the transfer will finish.

How does moving assets into cold wallets help?

Cold wallets keep crypto storage offline, reducing exposure to systems that an attacker could reach through the internet.

Hot wallets are connected to the internet and support routine customer transfers. That connection makes them useful for daily operations, but it also creates an online point of exposure. Gopax said it would move its remaining hot-wallet balances into cold storage as a precaution.

“To ensure the safe custody of user assets, we plan to transfer all virtual assets to cold wallets for storage,” Gopax said in remarks carried by Seoul Economic Daily.

South Korean exchanges are already required to keep at least 80% of customer crypto in cold storage. Gopax’s stated plan goes further by moving all held virtual assets offline while it checks the threat.

This is a plan, not confirmation that every transfer has finished. Moving assets offline also does not establish whether the email sender had any real ability to breach the exchange. It addresses exposure while that question remains open.

What does the suspension mean for customers?

Customers face slower withdrawals, canceled trading orders, and uncertainty about when normal services will resume.

Gopax suspended withdrawals after a hacking threat without reporting an actual loss of assets. For users, however, the immediate issue is access: balances may remain intact while the usual tools for moving or trading them are unavailable.

The practical points are:

• Customers must use the support center to request outbound coin transfers.
• Internal verification takes place before staff process manual withdrawals.
• Open trading orders were canceled, according to Chosun Biz.
• Restored deposits do not restore trading or direct withdrawals.
• Gopax has not set a date for reopening its normal services.

The manual process replaces an automated withdrawal route with staff checks. That creates a trade-off between access and the exchange’s stated goal of preventing financial incidents. The key uncertainty for customers is how long they will need to rely on that slower route.

Is the threat connected to Gopax’s earlier account breach?

No connection has been confirmed between Friday’s threat email and the earlier abnormal access to Gopax accounts.

According to Yonhap’s Korean dispatch, abnormal access began affecting some user accounts in early September. Personal information involving seven customers and two current or former employees was leaked. Further leakage was confirmed last month.

Gopax has treated that breach as separate from the latest threat. The earlier incident involved account access and personal information; the current shutdown followed an email claiming the exchange could be hacked.

Both developments raise security concerns, but they do not prove the same thing. A personal-data leak does not by itself establish that crypto wallets were drained. Likewise, a threat email does not establish that the sender gained access to exchange systems.

South Korea’s Financial Services Commission has also been pressing domestic platforms following a wider wave of cybersecurity incidents across financial firms. That adds scrutiny to Gopax’s response without resolving the facts of this particular threat.

Our take

Our assessment is that Gopax’s latest action changes customer access more clearly than it changes the known evidence of an attack. Unlike the earlier personal-information breach, this shutdown follows an unverified threat and includes a plan to move all held crypto offline.

Gopax customers are directly affected. Companies and developers that depend on its trading or withdrawal services could also face disruption, although the source identifies no specific affected business or integration. For readers in Germany and the EU, the lesson concerns exchange access and custody; the report establishes no direct impact on local platforms.

One open question is what evidence Gopax will require before deciding that normal operations are safe. Caution can reduce exposure, but an extended shutdown also places a burden on customers.

In the coming weeks, watch for confirmation that cold-wallet transfers are complete, clearer manual withdrawal timelines, and a reopening announcement. The opportunity is stronger asset protection; the immediate risks are delays and restricted access.

With Gopax withdrawals suspended after the hacking threat, customers must rely on support-led transfers and wait for a confirmed service update. No asset loss has been reported, but the threat remains unverified and the reopening date is still unknown.

(Source: https://bitcoinmagazine.com/news/gopax-suspends-withdrawals-hacking-threat)

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