<ul><li>Singapore-based crypto exchange Phemex has temporarily suspended withdrawals following a reported $37 million exploit targeting one of its hot wallets.</li><li>Cyvers, a blockchain security firm, detected the breach, with $29 million transferred from Phemex's hot wallets to various blockchains.</li><li>The attackers swiftly swapped the stolen tokens into Ethereum to evade detection and freezing.</li><li>Phemex is developing a compensation plan for affected users and assures that its cold wallets, which hold the majority of funds, are secure.</li></ul>

Phemex reassures users with a compensation plan after $37 million hot wallet breach

Discover more