Blockchain security firm Cyvers said its systems detected multiple suspicious transactions involving Phemex’s hot wallets across several chains. Cyvers estimated that digital assets worth more than $29 million were transferred by suspicious addresses on chains including BNB, ETH, OP, POL, BASE, and ARB. In its Jan. 23 alert, the security firm noted that the suspicious addresses had already begun converting the siphoned assets to ETH. In a post on X (formerly Twitter), Phemex confirmed the breach and said it had temporarily suspended withdrawals while conducting “an emergency inspection.” The Phemex CEO meanwhile assured users that its cold wallets remained safe and that anyone could verify this via the derivative exchange’s website.

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