$37 million was withdrawn from the Phemex exchange

Cyvers Alerts analysts have identified “multiple suspicious transactions” using hot wallets on the Phemex trading platform.

🚨ALERT🚨Hey @Phemex_officialOur systems have detected multiple suspicious transactions involving your hot wallets across several chains.
Over $29M worth of digital assets have been transferred by suspicious addresses on chains including $BNB, $ETH, $OP, $POL, $BASEand $ARB.… pic.twitter.com/1bFlRmlLUz

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) January 23, 2025

They later clarified that “Bitcoin and Tron blockchains are also affected,” and the total amount of funds involved is approximately $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 also noticed “suspicious outflows of large amounts.”

Hi @Phemex_officialsuspicious outflow of large funds from @Phemex_official hot wallets. pic.twitter.com/qT71TJHXPJ

— PeckShield Inc. (@peckshield) January 23, 2025

Phemex admitted there were problems. By suspending the withdrawal option, they assured users that funds in cold wallets were completely safe.

According to them, basic business operations continue as normal, “trade services are working.”

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