Suspicious $37 Million Crypto Withdrawal Detected from Phemex Exchange

Analysts at Cyvers Alerts have identified “multiple suspicious transactions” involving the hot wallets of the trading platform Phemex.

?ALERT?Hey @Phemex_official, Our 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, $BASE, and $ARB.… pic.twitter.com/1bFlRmlLUz

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

“Digital assets worth over $29 million have been transferred to dubious addresses on networks including BNB Chain, Ethereum, Optimism, Polygon, Base, and Arbitrum,” the experts wrote.

They later clarified that “Bitcoin and Tron blockchains are also affected,” with the total amount involved reaching 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

Researchers at PeckShield also noticed a “suspicious outflow of large sums.”

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

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

Phemex acknowledged the issues. They have suspended withdrawals, assuring users that funds in cold wallets are completely secure.

To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will be restored soon.

Phemex and the development team apologize for the disruption.… https://t.co/Gsqp2Fx7HP

— Phemex (@Phemex_official) January 23, 2025

“Phemex and the development team apologize for the disruption. Our goal is to provide a reliable and convenient trading platform, and we remain committed to this. We are working on a compensation plan that will be announced soon. Thank you for your understanding and support,” the exchange representatives wrote.

According to them, main business operations continue as usual, “trading services are operational.”

Back in September, hackers breached the Bitcoin exchange BingX. Analysts at PeckShield estimated the losses at $43 million.