Phemex crypto exchange has been flagged for nearly $30 million in suspicious outflows, raising concerns among blockchain security firms. The onchain security firm Cyvers reported that the exchange experienced over $29 million worth of transfers across various blockchains, including BNB, Polygon, Arbitrum, and Base. According to Cyvers, these transfers involved the exchange’s hot wallets and are characterized as ‘suspicious transactions’ with funds being swapped to Ether (ETH). This kind of activity is often linked to cryptocurrency hackers, who typically convert stolen assets to Ether to launder funds through protocols like Tornado Cash, making them difficult to trace. As of now, Phemex has not confirmed the reasons behind these suspicious outflows and is yet to respond to inquiries from Cointelegraph.

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