Dear Users,
We regret to inform you that Phemex experienced a hacker attack on January 23, 2025. To safeguard user assets, we immediately took emergency measures, temporarily suspended deposits and withdrawals, and formulated a follow-up plan. Below is the latest update on the incident and the timeline:
Incident Overview
On January 23, 2025, at 11:30 UTC, we detected unusual activity in our hot wallet. We quickly activated our emergency response mechanism, suspended related functions, and began addressing potential vulnerabilities. The affected devices have been identified and isolated, and we have reported the matter to third-party security firms and law enforcement for further support and action.
Progress Updates
- January 23, 2025, 15:13 UTC: Deposits and withdrawals for all chains except BTC and ETH were suspended, and BTC and ETH withdrawals were also temporarily halted. Phemex has sufficient asset reserves, and user funds are always safe. We immediately released a Proof of Reserves (POR) to ensure full transparency of our financial status. Phemex will continue to maintain complete transparency and is open to global user oversight of our funds.
- January 24, 2025, 17:46 UTC: Manual approval for withdrawals of ETH, USDT, and USDC on the Ethereum chain was resumed.
- January 25, 2025, 20:03 UTC: BTC withdrawals were resumed.
- January 25, 2025, 23:36 UTC: withdrawals for SOL, USDC, and USDT on the Solana chain were resumed.
- January 26, 2025, 12:25 UTC: withdrawals for Arbitrum, Optimism, Binance Smart Chain, Polygon, Base were resumed.
Important Notice
We would like to emphasize again that any deposits sent to old addresses will require manual review and crediting, which may result in longer processing times. We strongly recommend discontinuing the use of old deposit addresses.
If you have any pending deposits that have not been credited, please contact our customer support team promptly. You can reach us at: support@phemex.zendesk.com, and we are here to assist you.
System Security Upgrades
Our new system is now live and routinely monitored by our cybersecurity partner, with significant improvements in security and reliability. All operations have been gradually restored, and we ensure the absolute safety of user assets.
We fully understand the inconvenience and concerns caused by this incident. However, we assure you that Phemex is committed to providing a secure, transparent, and stable trading platform for all users. We will continue to optimize our system to prevent such incidents from happening in the future.
Thank you for your continued trust and support. We will keep working hard to provide you with better services.
Sincerely,
The Phemex Team
January 26, 2025
