$30 Million Hack Alert? Crypto Exchange Phemex Suspends Withdrawals After Suspicious Transactions
Phemex experienced a significant security breach, with over $37 million in crypto assets stolen from its hot wallets. The exploit involved multiple transactions across various blockchains, including BNB, ETH, and TRON. Initial reports indicated a loss of $29 million, later updated to approximately $37 million. The stolen assets included 3.48 million USDC, 3.42 million USDT, 841 ETH, and various other cryptocurrencies. Phemex CEO Federico Variola confirmed the attack and assured users that cold wallets remained secure. Withdrawals were temporarily halted for security inspections, but trading continued. A compensation plan for affected users is in development. In 2024, crypto hacks increased, with over $2.2 billion stolen and 303 incidents reported, marking a trend of rising vulnerabilities in centralized exchanges.
