Phemex: Withdrawal Function Temporarily Disabled, Compensation Plan Under Development

BlockBeats News, January 23: Phemex announced on X Platform that, to ensure security, we are conducting an emergency inspection and strengthening wallet services. Therefore, the withdrawal function is temporarily suspended. We are currently formulating a compensation plan, which will be announced soon. Business operations are running smoothly. Trading services are operating as usual.

Earlier reports indicated that Cyvers Alerts detected multiple suspicious transactions from Phemex's hot wallet, spanning across multiple chains. Digital assets worth over $29 million have been transferred to suspicious addresses on chains including BNB, ETH, OP, POL, BASE, and ARB. These addresses have started converting the assets into ETH.