GOPAX: Please Email Your Money

The real news

The story, straight

A crypto exchange lets customers buy, sell and request transfers of digital coins. Moving those coins requires a digital key that authorizes the transfer.

Cold storage keeps that key offline, away from internet-connected systems.

GOPAX has paused trading and normal app withdrawals while moving customer crypto into cold storage. BlockchainReporter counted more than 75 hours without trading on 9 November, with no restart date announced.

The exchange's notices cite recent security incidents at Korean financial firms and a recommendation from financial authorities. No loss of customer assets has been reported.

A precaution is not proof of a successful attack.

Withdrawals still exist, but customers must email their details, wallet information and a selfie holding identification and a dated handwritten note. Staff approve requests manually on business days; completion may take longer than the same day.

Transfers currently go only to personal wallets already registered with GOPAX.

My money needs a passport photo. Apparently leaving an exchange now resembles applying to become an exchange student.

The useful distinction: protecting coins and providing quick access are different jobs. Use GOPAX's official withdrawal guide and verify the destination before sending sensitive documents.

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