Binance-backed Gopax suspends trading and withdrawals after hacking threats
In brief
- Gopax suspended trading, deposits and withdrawals on Nov. 6 after receiving hacking threats.
- Gopax said it acted on financial authorities' recommendations to protect customer funds.
- Gopax plans to move all customer-held virtual assets to offline cold wallets.
- Binance owns roughly 67% of Streami, Gopax's operator.
What Gopax said
Gopax described the halt as a preventive measure. In its account, it acted in response to financial authorities' recommendations (it didn't say which authorities) to protect customer funds and reinforce its security systems.
The cold-wallet transfer is the main operational step. Gopax said it'll shift all customer-held virtual assets to offline cold wallets, a move it framed as a way to cut exposure to potential cyberattacks while the threats are dealt with.
It's worth being precise about what the report covers. It describes threats against the exchange. It doesn't say who made them, and it doesn't report that an attack actually took place.
Gopax called the suspension temporary.
Binance's stake in Gopax
Binance holds a controlling stake in the exchange, owning roughly 67% of Streami, Gopax's operator. Binance first bought the majority stake in February 2023 through its Industry Recovery Initiative.
That deal had a specific purpose. The investment was meant to help Gopax recover from the GoFi deposit-product crisis, which followed Genesis Global Capital's insolvency and left customers unable to access their funds. South Korea's Financial Intelligence Unit formally recognized the ownership change in October 2025.
Gopax is one of South Korea's five major won-denominated crypto exchanges, alongside Upbit, Bithumb, Coinone and Korbit, so this isn't a halt at a fringe venue (it's one of the country's main won markets).
Separate incidents in late October
Crypto Briefing's report also listed two separate security incidents from the past few weeks. According to the outlet, Pravang reported the theft of approximately 100 million won worth of virtual assets on Oct. 24, and Bithumb suffered a data breach on Oct. 27 that affected information belonging to 6,444 customers and 715 employees.
Those are distinct events at different platforms. Gopax's statement, as reported, centers on the threats it received and the steps it's taking to protect customer funds while trading, deposits and withdrawals stay paused.
