Phemex, a major cryptocurrency exchange, is investigating a potential security issue with its hot wallets, leading to a temporary suspension of withdrawals. This precautionary measure is part of its ongoing commitment to ensuring user safety. Importantly, the cold wallets remain secure, allowing users to verify their status independently. Despite this situation, trading services are unaffected, with core operations continuing as usual. Phemex plans to announce a compensation plan to address any inconvenience to users and will provide updates as the investigation progresses.
Phemex is investigating a report regarding its hot wallets, necessitating a temporary withdrawal suspension to ensure user fund safety and enhance security.
The cold wallets, housing the majority of users' funds, remain fully secure, transparent, and verifiable, allowing users to independently confirm their status.
Phemex's commitment to security is illustrated through its pioneering release of proof-of-reserves and proof-of-solvency, enhancing its reputation as a trustworthy platform.
While withdrawals are temporarily suspended, trading services continue uninterrupted, and Phemex is preparing a compensation plan for users affected by the withdrawal halt.
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