South Korean cryptocurrency exchange Gopax suspended withdrawals and trading on Friday after receiving a hacking-threat email, and said it is moving all held virtual assets into offline cold wallets as a preemptive step to protect customer funds.

Gopax halted standard deposit and withdrawal services at 2:55 p.m. local time and stopped trading at 3:53 p.m., Yonhap News Agency reported, citing the exchange. Direct withdrawals through the website and app are unavailable. Customers who want coins out must apply through the customer support center, where requests are processed manually after internal verification.

“To ensure the safe custody of user assets, we plan to transfer all…

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