$37 Million Stolen and Withdrawals Suspended
Singapore-based cryptocurrency exchange Phemex is investigating suspicious transactions involving its hot wallet. Safety Cyphers Corporation.
According to reports, more than $37 million in digital assets, including Bitcoin, Ethereum, and Tron, were affected by multiple chains.
Phemex Withdrawals Suspended
Phemex has confirmed the incident and has temporarily halted withdrawals. Cyphers famous More than 125 suspicious transactions on the hot wallet.
The exchange said its cold wallets, which hold the majority of user funds, remain safe and unaffected.
As the exchange highlights, these wallets are fully transparent and verifiable.
“More than 125 suspicious transactions moved funds from Phemex hot wallets to new wallets on different chains, such as Ethereum, Polygon, Binance, Optimism, Polygon, Base, avalancheBitcoin, TRON, Solanaand probably more. Some tokens and stablecoins have already been exchanged to avoid the freeze,” Cyvers co-founder and CTO Meir Dolev told BeInCrypto.
Phemex is one of the largest cryptocurrency exchanges in Singapore. According to CoinGecko dataThe exchange’s daily trading volume exceeds $177 million, with monthly traffic of nearly one million.
“Phemex and the development team apologize for the disruption caused. We remain steadfast in our commitment to providing a seamless and trustworthy trading environment. We are working on a compensation plan and will announce it soon.” Phemex Announce on X (formerly Twitter).
This year, the broader cryptocurrency market has faced increasing security challenges. Report shows Losses caused by hacker attacks have reached $2.15 billion 2024, with Scam Additional contributions of $834.5 million. Compared with 2023, losses increased by 15%.
High-profile incidents involving platforms such as WazirX, Radiant Capital and more DMM Bitcoin exposed vulnerability Neutralize in multi-signature wallet Decentralized Finance protocol.
In addition, there are more and more scammers Leverage professional platforms like LinkedIn Targeting cryptocurrency users.
Recent reports highlight how Attackers use legitimate toolssuch as video conferencing platforms and detailed job offers to gain the victim’s trust before executing the plan.
Other platforms have also faced scrutiny over potential security issues. super fluiditya decentralized exchange that was recently seen USDC outflow of $60 million. This was driven by rumors of breaches linked to North Korea’s Lazarus Group.
this Company denies any hacking But admitted to suspicious activity involving ETH deposits and withdrawals.
Surge in Cryptocurrency Adoption Makes Security Growing priorities for the industry. Access control failures (such as private key leaks) remain a significant threat.
As the cryptocurrency space continues to expand and attract new users, it is critical to strengthen protection and develop proactive measures.
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