Phemex crypto exchange has recently faced significant scrutiny due to nearly $30 million in suspicious outflows. This situation has raised alarms among blockchain security firms regarding the safety of the exchange’s hot wallets.

These transfers occurred across multiple blockchains, including BNB, Polygon, Arbitrum, and Base. The transactions have shown a concerning trend of converting assets to Ether, a method frequently employed by cryptocurrency hackers to launder stolen funds through mixing protocols.

As of now, the exchange has not provided an explanation for this unusual behavior. Further inquiries have been made for clarification, especially in light of increased warnings from the US, Japan, and South Korea about the escalating threats posed by North Korean crypto hacking activities. The situation remains fluid, with more information expected as the investigation unfolds.

📎 Related coverage from: cointelegraph.com