23 Jan 2025, 11:30 UTC
Phemex: Unusual Hot-Wallet Activity, Deposits and Withdrawals Suspended
Phemex: on 23 Jan 2025 at 11:30 UTC it detected unusual hot-wallet activity, suspended deposits and withdrawals, isolated devices, and reported to security firms and law enforcement. Withdrawals later restored by 26 Jan.
- Event date
- Incident typeExchange hot-wallet incident
- Bug classNot yet published
- Published
Loss, as sourced
Not stated by Phemex in its update and timeline. Third-party reports circulated conflicting figures; they are not used here.
Traceability
Primary sources
In brief
Root cause: Not published. Phemex says unusual activity in a hot wallet; affected devices identified and isolated.
Timeline, as sourced: Per Phemex (UTC): 23 Jan 11:30 detection; 15:13 broad suspension; 24–26 Jan staged withdrawal restores (ETH/USDT/USDC, then BTC, SOL, then L2s); Feb 2025 final note that all withdrawal services restored.
Account, as sourced
Claimed (Phemex) (update (opens in a new tab)): sufficient reserves; PoR released; new system live under cybersecurity partner monitoring.
Unknown: attack vector and loss total.
Summaries of public sources as of the published date; except where marked (on-chain), not independently verified by NullMeridian. Figures are the sources’ own and are attributed; where sources disagree, each is given. Sources may since have changed. Not legal, financial or investment advice.
Permalinkhttps://andromeda.observer/e/phemex-hot-wallet-2025