Singapore's Phemex Probes $29M Hack Across Multiple Blockchains, Funds Converted to ETH

Jan 23, 2025, 12:57 PM

Phemex, a Singapore-based cryptocurrency exchange, is investigating reports of a hack after one of its hot wallets was drained of approximately $29 million in digital assets. The incident involved multiple suspicious transactions across several blockchains, including BNB, ETH, OP, POL, BASE, and ARB, with the funds being converted to ether (ETH). Phemex's CEO, Federico Variola, has confirmed that the exchange is looking into the issue and has assured that the company's cold wallets remain secure. The hack, which exploited an access control breach and involved the transfer of multiple ERC-20 tokens, has resulted in at least $19 million being drained from a single hot wallet. The incident has prompted other entities, such as Agent Layer, to take precautionary measures by temporarily removing liquidity pools from platforms like Uniswap to avoid potential losses.