Web 3 security firm Cyvers Alerts reported a suspicious move of $39 million on the Phemex crypto exchange by suspicious wallet addresses.
The development could easily become the first major hack of 2025 if confirmed to be a breach of the exchange’s security architecture.
Cyvers Alerts shared the information on X alerting the crypto community of the development and drawing attention to the exchange.
They also noted that the wallet addresses were already converting the funds to Ethereum a similar pattern followed by Bad actors in most hacks of the past.
Cyvers commented that they were actively monitoring the situation and would give updates as soon as they got fresh information.
Withdrawals Temporarily Suspended
In response to the alert by Cyvers, Phemex temporarily suspended Withdrawals on the platform while assessing the situation.
The Exchange’s security team is conducting an emergency inspection and strengthening the wallet’s security structure in response to the scare.
The exchange stated via its X page that withdrawals would be restored soon after the precautionary measures were done.
Cold Wallets unaffected
The CEO of the exchange confirmed to his community on X that the cold wallets of the exchange are unaffected by the suspected compromise. He assured Phemex users of the safety of their cold wallets while sharing a link where users can access and review their funds.
The exchange has not given any new updates on the development today.
Cyvers alerts were the first to alert the Crypto community on the $230 million hack on WazirX, India’s biggest exchange.
The Web 3 security firm also revealed that the crypto industry lost over $3 billion to Bad actors in 2024.
