Phemex Crypto Exchange Suspends Withdrawals After $37 Million Hack
Singapore-based crypto exchange Phemex has temporarily suspended withdrawals following a reported $37 million exploit targeting one of its hot wallets.
Security Breach and Impact
- Cyvers, a blockchain security firm, detected the breach and flagged unusual transfers of $29 million from Phemex’s hot wallets across various blockchains.
- Bitcoin and Tron-based assets were also impacted, bringing the total losses to approximately $37 million.
- The attackers swiftly began swapping the stolen tokens into Ethereum to evade detection and freezing.
Response and Compensation Plan
Phemex CEO Federico Variola reassured users that the exchange’s cold wallets remain secure and verifiable.
- The platform continues to operate its trading services as usual and will provide updates as the investigation unfolds.
- The company is developing a compensation plan for affected users, with further details expected soon.
Exchange Details
Phemex is one of the leading crypto exchange platforms in Singapore, recording trading volumes exceeding $170 million in the past 24 hours and holding $442 million in user assets.