"Signed Letter of Intent for Investment with Global Blockchain Infrastructure Company"
[Asia Economy Reporter Myung-hwan Lee] Gopax, a cryptocurrency exchange that faced partial withdrawal delays in its virtual asset deposit service, is now experiencing withdrawal delays even in its fixed-term products. The company announced that it has signed a letter of intent with a global blockchain infrastructure firm to resolve the situation.
According to the cryptocurrency industry on the 24th, Gopax is currently delaying all withdrawals of its deposit-type product, GoFi. GoFi is divided into flexible products and fixed-term products, and it is reported that the principal and interest payments for fixed-term products maturing from today are being delayed. Flexible products have already experienced delays in principal and interest payments since the 16th.
GoFi is a product that pays interest when customers deposit their cryptocurrencies. It is divided into 'flexible' products, which allow free cryptocurrency deposits and withdrawals, and 'fixed-term' products, which have set recruitment and deposit periods. Both products operate customer-deposited cryptocurrencies through Genesis Trading, but due to Genesis Trading halting new loans and redemptions following the FTX bankruptcy filing, GoFi customer assets have also been frozen.
Meanwhile, Gopax announced that it has signed a letter of intent with a global blockchain infrastructure company to supply liquidity. Through its website yesterday, Gopax stated, "We share the belief that investor protection is the highest priority and have signed a 'Letter of Intent' as part of cooperation measures including liquidity supply."
It added, "Both parties are conducting due diligence on Gopax with the goal of normalizing the GoFi service within six weeks," and "Gopax is actively participating in the due diligence." However, the name of the company that signed the letter of intent was not disclosed. A Gopax representative explained, "There are still procedures remaining, so we cannot reveal the company name."
The company also expressed its determination to resolve the issue. Gopax said, "We are continuously communicating with Genesis and Digital Currency Group to fully repay GoFi customer assets," and "We are making our best efforts to protect customers' assets by utilizing all possible means and methods."
Gopax emphasized that assets of general cryptocurrency investors, excluding GoFi, are not affected. The company explained, "Assets deposited in GoFi and Gopax customer assets are stored separately, so there is no impact."
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