GOPAX halts crypto trading, withdrawals to move all assets to cold storage

South Korean crypto exchange GOPAX suspended trading, deposits and standard withdrawals Friday after receiving an email threatening a hack, according to local newspaper Kyunghyang Shinmun.

A GOPAX representative told the newspaper that no hack or attempted theft had occurred at that point.

GOPAX said it halted deposits and standard withdrawals at 5:55 am UTC. Trading stopped at 6:53 UTC, according to a second announcement. All unfilled orders were canceled.

GOPAX said it plans to transfer all crypto assets to offline wallets to protect users following a series of leaks and hacking incidents affecting financial institutions. Its notices cited financial regulators’ recommendations.