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Phemex hot wallet breach: 29 million USD in crypto potentially drained

Phemex experienced a hack that resulted in estimated losses of 29 million USD. This breach is part of an ongoing issue with security vulnerabilities in cryptocurrency exchanges.

The blockchain security firm, Cyvers, detected 125 suspicious transactions across 11 networks, indicating that the hacker tried to obscure their actions by redistributing stolen funds into various accounts.

In response to the incident, Phemex’s CEO stated that withdrawals would be temporarily suspended for security checks, while assuring users that operations would proceed normally and a compensation plan was being formulated.

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