Phemex will once again allow withdrawals of stablecoins after the unfortunate security breach that cost the platform $70 million.
In Brief
The exchange anticipates resuming USDT and USDC withdrawals within the next four hours, along with bringing other services, like MemeX, back online.
The CEO of the derivatives trading platform, Federico Variola, has shared an update via social media on platform X, indicating that withdrawals for USDT and USDC will resume in about four hours. He also emphasized that reinforcing the security of their hot wallets is a top priority. Additionally, services like MemeX are expected to be back online around the same timeframe. Phemex Hello everyone, we are looking at resuming USDT and USDC withdrawals in roughly six hours from now, as we prioritize the security of our hot wallet architecture. Thank you for your understanding.
Yesterday, the platform experienced Despite this, Phemex still manages to hold approximately $1.8 billion in cryptocurrency assets. Notably, a large portion of these assets, around $1.1 billion, is held in the exchange's own token, PT. Following that, their largest holdings include $355 million in Bitcoin and $209 million in USDT.
Phemex is actively developing a compensation plan for users who were affected by this event.
Established in 2019 by former executives from Morgan Stanley and based in Singapore, Phemex specializes in derivatives trading, including futures and options. What sets it apart are several unique features such as competitive trading fees, ample liquidity pools, and extraordinarily fast order execution times, which are typically under one millisecond.
The platform prioritizes user experience with various tools such as user-friendly charting options, a hassle-free wallet interface, and an easy sign-up process. Phemex facilitates spot, contract, and margin trading across a diverse range of cryptocurrencies.
The platform currently ranks 55th in trading volume and holds the 37th position on CoinGecko's trust score. The exchange has announced they are in the process of creating a plan to compensate users impacted by the recent security breach.
Please bear in mind that the information provided here is not meant to serve as legal, tax, investment, or financial advice. It’s crucial to only invest what you can afford to lose and seek independent financial counsel if you have any uncertainties. For more details, we recommend reviewing the terms and conditions alongside the help and support resources offered by the issuer or advertiser. MetaversePost strives for accuracy and impartial reporting, but keep in mind that market conditions can change without warning.
Disclaimer
In line with the Trust Project guidelines Alisa, a diligent journalist at Cryptocurrencylistings, digs deep into topics surrounding cryptocurrency, zero-knowledge proofs, investments, and the vast universe of Web3. With a sharp eye for emerging trends and technologies, she provides thorough coverage to keep readers informed and engaged in the fast-paced digital finance landscape.
