Share this article
Crypto Exchange Phemex Investigating Hack Reports as $29M Drained From Hot Wallets
The company's CEO has confirmed that Phemex is "looking into reports" of the hot wallet withdrawals
Jan 23, 2025, 1:20 p.m.
What to know:
- $29 million worth of crypto tokens drained from Phemex's hot wallet before being converted to ETH.
- The Phemex CEO has said that the team is "looking into reports."
Singapore-based cryptocurrency exchange Phemex has said that it is "looking into" reports of a hack after one of its hot wallets was drained for $29 million worth of crypto tokens.
Crypto security firm Cyvers reported "multiple suspicious transactions" from the Phemex hot wallet across multiple blockchains. The funds were swapped for ether .
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"As we look into a report on one of our hot wallets rest assured our cold wallets remain safe and can be checked by everyone here, will post more updates shortly," Phemex CEO Federico Variola wrote on X.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
Top Stories
