Analysts at Cyvers Alerts have identified “multiple suspicious transactions” involving Phemex’s hot wallets.

Upon deeper analysis, it has come to light that both $BTC and $TRON blockchains have also been impacted, with the estimated total loss now reaching approximately $37 million.
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) January 23, 2025

“Digital assets worth more than $29 million were transferred to questionable addresses on BNB Chain, Ethereum, Optimism, Polygon, Base, and Arbitrum,” the experts said.

They later clarified that Bitcoin and Tron were also affected, bringing the total value of involved assets to about $37 million.

Upon deeper analysis, it has come to light that both $BTC and $TRON blockchains have also been impacted, with the estimated total loss now reaching approximately $37 million.
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) January 23, 2025

PeckShield researchers likewise observed “suspicious large-sum outflows.”

Hi @Phemex_official, suspicious outflow of large funds from @Phemex_official hot wallets. pic.twitter.com/qT71TJHXPJ
— PeckShield Inc. (@peckshield) January 23, 2025

Phemex Responds

In a statement, Phemex acknowledged the issue and temporarily halted withdrawals, assuring users that funds stored in cold wallets remain secure.

To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will be restored soon.

Phemex and the development team apologize for the disruption.… https://t.co/Gsqp2Fx7HP
— Phemex (@Phemex_official) January 23, 2025

“Phemex and our dev team apologize for the disruption. We aim to provide a trustworthy and user-friendly trading platform, and we remain committed to that. We’re working on a compensation plan, which we’ll announce soon. Thank you for your understanding and support,” they wrote.

According to the exchange, core operations continue as usual, with “trading services running.”

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