Gopax Halts Withdrawals After Hacking Threat
The suspension restricts customers' ability to move assets off the South Korean crypto exchange.
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The suspension restricts customers' ability to move assets off the South Korean crypto exchange.
Investigators say fake recruiters and compromised software have helped the North Korean group reach systems used to approve crypto transfers.
The proposed standard measures whether offline assets cover customer balances, but cannot verify internal security controls or resolve withdrawal trade-offs.
His warning links rising attacks on centralized components to possible regulatory pressure, while outlining a role for ZK proofs, AI and formal verification in Ethereum’s roadmap.
Bitcoin’s test of its 50-week moving average is now a key technical level as traders weigh whether the selloff will deepen.
Deposits began outpacing withdrawals by Nov. 3, but the net outflow still equaled about 3.1% of Binance's previously reported assets.
The reported loss remains unconfirmed in size, but Crypto.com says it blocked linked funds while investigators trace withdrawals across major exchanges.
The requests expand scrutiny from cold storage to transfer monitoring, access controls and financial buffers, while leaving implementation and any new threshold unspecified.
Investigators are examining a possible link to the Mercado Bitcoin attack, while founder Sheldon Xia says understaffing has left security operations stretched.
His warning puts employee phishing and the first 48 hours of fund tracing at the center of exchange-security response.
Haipo Yang's critique puts operational discipline, not advanced cryptography, at the center of exchange security.
Bybit’s move toward an in-house hardware wallet highlights the cost and complexity of reducing reliance on third parties, while putting staff security in the threat model.
About 5% of the impacted amount remains to be replenished, while withdrawal access is returning asset by asset and network by network.
The timeline describes a months-long compromise spanning three engineers, with social engineering and stolen credentials turning workstation access into unauthorized transfers.
The breach exposed how months of employee targeting and EIP-7702 permissions could bypass normal withdrawal controls, even at an exchange using multiparty computation.
The warning comes as Binance reports $5.28B in net outflows and researchers estimate $2.85B of stolen funds have been frozen or seized.
A higher reserve threshold could strengthen customer-asset safeguards, but exchange operators warn it may slow withdrawals and weigh more heavily on smaller platforms.
The activity points to a possible opening for Binance’s rivals, but blockchain data cannot confirm that Binance customers moved funds to competing exchanges.
The exchange says $11M has been frozen with help from Tether, Circle and Chainalysis, while its investigation and asset tracing continue.
The phased return of withdrawals across major networks marks a critical recovery step, but the scale of the reported breach keeps exchange security in focus.