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Blockchain security firm Cyvers has flagged nearly $30 million of suspicious outflows from Phemex.
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Phemex crypto exchange has been alerted to nearly $30 million worth of ‘suspicious’ outflows, raising alarms among blockchain security firms.
Phemex saw over $29 million worth of crypto transfers across multiple blockchains including BNB (BNB), Polygon (POL), Arbitrum (ARB) and Base (BASE), according to onchain security firm Cyvers.
The outflows point to “suspicious transactions” involving the Phemex hot wallets, Cyvers stated in a Jan. 23 X post:
“Over $29 million worth of digital assets have been transferred by suspicious addresses. These addresses have already begun swapping assets to $ETH.”
Phemex suspicious outflows. Source: Cyvers
Cryptocurrency hackers often convert stolen funds to Ether (ETH) to launder them through crypto mixing protocols like Tornado Cash, which makes the funds difficult to trace.
However, the crypto exchange has yet to confirm the reason behind the suspicious activity. Cointelegraph has approached Phemex for comment.
Related: US, Japan, South Korea warn of rising North Korean crypto hacking threats
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
