What You Need to Know:
- $29 million worth of cryptocurrency was siphoned from Phemex’s hot wallet ahead of its conversion to Ethereum (ETH).
- The CEO of Phemex has indicated that the team is currently “looking into reports” concerning the withdrawals.
Phemex, a cryptocurrency exchange based in Singapore, has commenced investigation into allegations of a hack that reportedly resulted in a $29 million theft from its hot wallet. According to crypto security firm Cyvers, there were “multiple suspicious transactions” involving the Phemex wallet across various blockchains, which were subsequently exchanged for ETH.
“As we look into a report regarding one of our hot wallets, rest assured that our cold wallets remain secure and can be verified by all. We will provide further updates shortly,” wrote Phemex CEO Federico Variola on X.
