Gopax Halts Trading and Withdrawals After Hacking Threat Email

Funds moved to cold wallets

Gopax also plans to transfer all user crypto assets to cold wallets, which are kept disconnected from the internet. As a result, direct withdrawals through the Gopax website and app are suspended for now.

Users who still want to withdraw can apply through the customer support center. The company said these requests will go through internal checks and approval and be processed manually, one after another, so withdrawals may take longer than usual.

What happens next

Gopax will check whether the threat is genuine. Once it judges the platform to be secure, it intends to resume deposits, withdrawals and trading. It reported the threat to financial authorities right after receiving the email, and says it will announce the result of its verification and a restart schedule later.

The exchange has had a security incident this year. In September, personal data of seven users and two current or former employees was leaked. It is not known whether the new threat is connected to that incident.

For Gopax users, the immediate effect is that trading is frozen and withdrawals are slower. The exchange's next announcement on the threat's authenticity and its reopening timeline will determine how long that lasts.