The Gopax exchange reportedly owes 100 billion Korean won in unreturned user staking deposits.
Gopax, a top five South Korean crypto exchange by market share and majority-owned by Binance, reportedly sold its users' deposit claims for half of their face value in August 2023.
According to a May 27 post by local news agency Hankyung, or Korea Economic Daily, Gopax owes a total of 70 billion won ($51.4 million) to its users stemming from exposure to failed institutional crypto lending firm Genesis Global, which collapsed in November 2022. Of that amount, Gopax has reportedly paid out 50% to users.
However, the remainder of unpaid digital assets, worth 35 billion at the nadir of the crypto market in November 2022, have allegedly soared to a total of 100 billion won at a price of $69,000 per Bitcoin (BTC). In March, Korean Times reported that Gopax is currently in a "state of complete capital impairment" due to the increase in debt liabilities.
