South Korea's Gopax halts trading and standard withdrawals after a hacking threat and moves customer crypto offline, saying no losses have been reported

South Korean exchange Gopax has halted trading while it pulls customer crypto offline. The exchange halted deposits and standard withdrawals at 2:55 p.m. Seoul time on Friday, November 6, the Seoul Economic Daily and Cointelegraph report. Trading stopped at about 3:53 p.m. and all unfilled orders were canceled, according to Cointelegraph. Gopax called it a precautionary step after a hacking threat and said no losses had been reported.

According to Cointelegraph, which cited the newspaper Kyunghyang Shinmun, the halt followed an email threatening a hack. Gopax, operated by Streami, said it will move its crypto assets into cold wallets that are not connected to the internet. Withdrawals can still be requested through the customer support center, but each one is checked and approved by hand, so they may take longer.

The move comes as Korean finance deals with a run of security incidents. The Financial Services Commission said incidents had been confirmed at 37 financial institutions, affecting about 470,000 customer records, The Korea Herald reported, citing Yonhap. Cointelegraph said the regulator had urged exchanges to hold more in cold storage after the Binance theft, and that Gopax sat just above the 80% legal minimum in September.

Gopax has not said when trading or normal withdrawals will resume.