Crypto Exchange Phemex Investigating Hack Reports as $29M Drained From Hot Wallets



Singapore-based cryptocurrency exchange Phemex has said that it is “looking into” reports of a hack after one of its hot wallets was drained for $29 million worth of crypto tokens.

Crypto security firm Cyvers reported “multiple suspicious transactions” from the Phemex hot wallet across multiple blockchains. The funds were swapped for ether (ETH).

“As we look into a report on one of our hot wallets rest assured our cold wallets remain safe and can be checked by everyone here, will post more updates shortly,” Phemex CEO Federico Variola wrote on X.



  • Umair

    Muhammad Umair is a passionate content creator, web developer, and tech enthusiast. With years of experience in developing dynamic websites and curating engaging content, he specializes in delivering accurate, informative, and up-to-date articles across diverse topics. From gaming and technology to crypto and world news, Umair's expertise ensures a seamless blend of technical knowledge and captivating storytelling. When he's not writing or coding, he enjoys gaming and exploring the latest trends in the tech world.

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