Binance's Gopax, Korea's thinnest cold-wallet exchange, halts all trading

Gopax, the South Korean exchange in which Binance holds a majority stake, announced Friday, November 6, that it has suspended all user trades and transfers. The exchange explained that it initiated the temporary halt to move 100% of customer tokens in its custody into offline storage. Cold storage refers to offline wallets that cannot be breached in online exploits. Gopax clarified that it did not suffer any theft. The precautionary move by the South Korean exchange arrives within a week of its parent company, Binance, suffering a $6.3 billion exploit that the FBI has linked to North Korean operators. Notably, before today’s transfer into cold storage, Gopax held the smallest percentage of customer assets offline among South Korea’s top crypto exchanges, which have become prime targets in recent exploits alongside…

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