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The company's CEO has confirmed that Phemex is "looking into reports" of the hot wallet withdrawals
Jan 23, 2025, 1:20 p.m. UTC
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.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
