Phemex, a Singapore-based cryptocurrency exchange, is investigating allegations of a hack following the draining of $29 million in crypto tokens from one of its hot wallets. The incident was highlighted by crypto security firm Cyvers, which reported several suspicious transactions occurring across multiple blockchains before the stolen funds were converted into ether (ETH). Phemex's CEO, Federico Variola, acknowledged the reports and assured users that the exchange's cold wallets are secure and verifiable. He stated that updates would be provided as the situation develops. The drained crypto tokens represent a significant security issue for the platform, emphasizing the ongoing risks associated with hot wallets in the cryptocurrency industry.

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