Hold onto your digital hats, folks! Phemex, the Singapore-based crypto exchange, has hit a bit of a bumpy road and temporarily hit the brakes on withdrawals as they whip up a plan to make things right.
Here's the scoop: Phemex found itself in the crosshairs of a reported hack, joining the list of digital asset exchanges dealing with pesky security gremlins. Meir Dolev, the sharp-eyed co-founder and CTO of blockchain security outfit Cyvers, sounded the alarm on January 23rd. He spotted some fishy business going on with one of Phemex’s hot wallets. Imagine 125 suspicious transactions darting across 11 different blockchain networks like Ethereum and Binance Smart Chain – talk about a digital heist movie!
So far, over $29 million in digital assets have allegedly taken a hike, with some tokens and stablecoins already doing the crypto shuffle to dodge freezing. Hacken, another sharp-eyed crew, confirmed that the cyber thief funneled all that loot to a sneaky address and then split it between two others. They quickly swapped them into Ethereum – a classic move to keep their bounty safe from freezing.
Federico Variola, Phemex's CEO, reassured everyone that they're hot on the hacker's trail, investigating the compromised hot wallet, while their cold wallets are as snug as a bug.
Don’t worry, though. Phemex has temporarily paused withdrawals for a security check-up, but trading is still cruising along as usual. They've promised to beef up their wallet services and expressed apologies for the hiccup. Rest assured, those withdrawals will be back online before you know it.
Meanwhile, Phemex is busy concocting a compensation plan for those who took a hit. Stay tuned, and keep your crypto radar on – this story is still unfolding!
