Phemex Hot Wallets Trigger Alarm with $37M in Suspicious Transactions
On January 23, Cyvers, a cybersecurity platform, identified suspicious transactions from the hot wallets of Phemex.
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The transactions involved more than $29 million in crypto assets moved across networks such as Ethereum, Optimism, Base, Polygon, BNB Chain, and Arbitrum, with the funds exchanged for ETH. Later, the amount climbed to approximately $37 million, with further movements observed on Bitcoin and Tron blockchains.
Phemex’s CEO assured users that the exchange’s cold wallets remain secure and that the issue with the hot wallets is being investigated. He also provided a link to the platform’s Proof of Reserves for transparency.
As a precaution, Phemex temporarily suspended withdrawals to conduct an emergency review and strengthen wallet security. The exchange noted that withdrawals will resume shortly.
Phemex and the development team apologize for the disruption. Our mission to provide a seamless and trusted trading environment remains firm. We are working on a compensation plan, which will be announced soon. Thank you for your understanding and continued support. Our ongoing business operations are fine. Trading services continue as usual,
Phemex posted on X.
Related: WazirX to Return Up to 80% of Users’ Assets
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