Phemex, a Singapore-based cryptocurrency exchange, is currently investigating a significant security breach. Reports indicate that $29 million worth of crypto tokens were siphoned from one of its hot wallets. The breach involved multiple suspicious transactions across various blockchains, with the stolen funds eventually converted into ether (ETH). Phemex CEO Federico Variola has reassured the public that the exchange’s cold wallets remain secure and unaffected by the incident. He promised to provide further updates as the investigation progresses. This event underscores the ongoing challenges in securing digital assets in the volatile crypto market.
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