Gopax Halts Trading and Withdrawals After Hack Threat Email
Direct answer
South Korean crypto exchange Gopax stopped trading and froze normal withdrawals on Friday, November 6, 2026, after it received an email threatening a hack. The exchange said no hack had actually happened and no customer funds had been reported lost. Trading and withdrawals were still frozen on Saturday morning, November 7, more than 18 hours later, with no date set for reopening.
What happened
Gopax suspended crypto deposits and standard withdrawals at 2:55 p.m. local time on November 6. About an hour later, at 3:53 p.m., it also stopped trading and canceled all open orders, according to Cointelegraph and Unchained.
The trigger was an email from a party claiming to be hackers. A Gopax representative told South Korean newspaper Kyunghyang Shinmun that the exchange had received the threatening message, but whether the threat was real had not been confirmed. No hack or attempted theft had taken place at that point, and no customer losses had been reported.
As a precaution, Gopax said it would move all customer crypto into offline cold wallets, which are wallets disconnected from the internet and much harder for hackers to reach. Customers can still ask for their crypto back, but only by emailing the support desk. Each request is checked and approved by hand, so payouts may take longer than usual. Coins can go only to a personal wallet already registered with Gopax, not to another exchange for now.
Gopax is operated by Streami, which is majority owned by Binance, the world’s largest crypto exchange. The halt came after a run of data leaks and hacks at financial companies, and Gopax said it acted following a recommendation from financial authorities. It did not say any regulator had ordered the halt.
One detail caught attention. Data from South Korea’s Financial Supervisory Service showed Gopax held 80.54 percent of customer assets offline at the end of September, only just above the 80 percent minimum required by law under the Virtual Asset User Protection Act.
Why it matters for beginners
A crypto exchange holds your coins for you, so when it freezes withdrawals, your money is stuck until it decides to reopen. That is the core risk of keeping crypto on an exchange instead of in your own wallet. A threat alone, with no confirmed hack, was enough to shut this exchange down for more than a day.
The Gopax case also shows the difference between a hack and a hack threat. No funds were reported stolen here, which is very different from the Binance hack in October, when about $6.3 billion was stolen in the largest crypto theft on record. Still, the freeze itself is the problem for customers, because they cannot trade or move their coins while it lasts.
For beginners, the lesson is simple. An exchange can pause withdrawals at any time, for security reasons or on a regulator’s advice. That is why many experienced users keep only small amounts on an exchange and move the rest to a wallet they control. It is also why the share of assets an exchange keeps offline matters: the law in South Korea requires at least 80 percent in cold storage, and Gopax was only just above that line.
What to watch next
Watch whether Gopax announces a date to reopen trading and normal withdrawals. As of Saturday morning, November 7, it had posted no further notice and set no date, according to Aju Press.
Also watch whether the exchange confirms the threat was a hoax or finds any real intrusion. A confirmed hoax would still leave questions about why a single email could freeze a whole exchange. Finally, watch for any response from South Korean regulators, since the exchange said it acted on their recommendation.
FAQ
What is Gopax?
Gopax is a South Korean crypto exchange where people trade coins for won, the Korean currency. Its operator is Streami, which is majority owned by Binance.
Was Gopax hacked?
No hack was confirmed. The exchange received an email threatening a hack, but a Gopax representative said no hack or attempted theft had occurred, and no customer funds were reported lost. The halt was a precaution.
What is a cold wallet?
A cold wallet is a crypto wallet that is physically disconnected from the internet. It is much safer from hackers, but coins in it cannot be taken out right away. A hot wallet is connected to the internet and pays out instantly, but it is easier to attack.
Can Gopax customers still get their crypto back?
Yes, but slowly. Customers must email the support desk, and each request is checked and approved by hand. Coins can go only to a personal wallet already registered with Gopax, not to another exchange for now.
Why did Gopax freeze everything over one email?
Gopax said it acted after a run of data leaks and hacks at financial companies, and following a recommendation from financial authorities. Moving all customer crypto to cold wallets takes time, and trading cannot run normally while that move is under way.
Sources
Cointelegraph, GOPAX Halts Trading and Withdrawals After Hacking Threat, November 6, 2026: https://cointelegraph.com/news/gopax-halts-crypto-trading-withdrawals-cold-storage
Aju Press, Gopax trading freeze drags into second day, November 7, 2026: https://www.ajupress.com//view/20261107092000779
Unchained, Binance-Controlled Korean Exchange GOPAX Stops Trading, Makes Users Email to Withdraw Crypto, November 6, 2026: https://unchainedcrypto.com/binance-controlled-korean-exchange-gopax-stops-trading-makes-users-email-to-withdraw-crypto/
This article is for general information and education only. It is not legal or financial advice.
