$ETH According to monitoring by Cyvers Alerts, Phemex's hot wallet has seen multiple suspicious transactions across several chains, involving amounts exceeding $29 million. These assets originated from chains such as BNB, ETH, OP, POL, BASE, and ARB, and have begun to be converted into ETH by related addresses. Phemex CEO Federico0x responded on X, stating that an investigation is underway regarding the report of suspicious transactions from the hot wallet, emphasizing that cold wallet assets remain safe and users can verify the relevant addresses themselves. Phemex announced on the X platform that in order to ensure safety, they are conducting emergency checks and strengthening wallet services, thus temporarily suspending withdrawal functions. The team has committed to formulating a compensation plan, with details to be announced soon. Currently, the trading services on the platform are operating normally and business has not been affected.