(LEAD) GOPAX suspends withdrawals, trading following hacking threats

SEOUL, Nov. 6 (Yonhap) -- South Korean cryptocurrency exchange GOPAX said Friday it had suspended withdrawals and trading as an emergency measure following hacking threats.

The exchange said it halted withdrawals at 2:55 p.m. and was transferring most of the assets held in its so-called hot wallets to cold wallets, which are not connected to the internet. It also suspended trading at around 3:53 p.m.

GOPAX said it had yet to verify the credibility of the hacking threat but had taken precautionary action to protect customers' assets. No actual loss of assets had been reported, it added.

Deposits of virtual assets were also temporarily suspended, while regular withdrawals through the exchange's website and mobile app were disabled, the company said.

All outstanding orders were canceled following the suspension of trading.

"We received an email from a group claiming to have hacked the exchange, but we have yet to verify whether the threat is genuine," a company official, who asked not to be named, said. "We are prioritizing the protection of customers' assets, even if this causes inconvenience to users."

The South Korean financial sector has recently been hit by a series of cybersecurity incidents.

The Financial Services Commission earlier said cybersecurity incidents had been confirmed at 37 financial institutions, affecting approximately 470,000 customer records.

(LEAD) GOPAX suspends withdrawals, trading following hacking threats

(LEAD) GOPAX suspends withdrawals, trading following hacking threats