Hacking News
Korean Crypto Exchange GOPAX Suspends Trading After Threatening Hack
South Korean crypto exchange GOPAX suspended trading, deposits, and standard withdrawals on Friday after receiving an email threatening a hack. The exchange halted deposits and standard withdrawals at 5:55 UTC and trading at 6:53 UTC. All unfilled orders were canceled. GOPAX plans to transfer all crypto assets to offline wallets to protect users following a series of leaks and hacking incidents affecting financial institutions. The suspension came days after the Financial Services Commission (FSC) urged domestic exchanges to increase cold-wallet holdings, requiring at least 80% of customer crypto assets to be stored offline. GOPAX held 80.54% of user assets offline at the end of September, near the required minimum. Prabang, another South Korean exchange, also suspended services after detecting abnormal withdrawals from its hot wallet, resulting in a loss of about 100 million won ($70,000).