Phemex BTC & Derivatives Rugpull

[NotATether]

I imagine that if that ~70 million dollars is close to their amount of reserves, or is at least a significant percentage of it, then the kind of things that are being mentioned here would be inevitable to happen.

Support is probably being instructed by upper management to defer support queries because they don't have enough assets on hand to let all their customers withdraw.

So I guess they must have left it all in a hot wallet.

[therealmones]

Writing on the wall for Phemex more than likely as they have no regulations and no financially responsible people with access to your funds.

Any company that appears out the BLUE lol is usually anonymous and easily be seen as legitimate due to advance style landing pages, smoke and mirrors transparency and so much more misleading actions.

Setup fake acts of pretending to have being hacked or ransomed to be only pushing large amounts of crypt out while customer support began to vanish is all many need to see before theirs no more withdrawing ever.

Let along so many making that daring attempt to fund large amounts of crypto and now hits himself in the head because one day it vanishes in thin air.

We must learn if NO regulation then it’s a bucket shop waiting to strike rich and run.

There support team is currently vanishing with longer responses. The support team chat bot app has also been edited to not close out survey as they prevent clients from resubmitting new tickets via the app who are more than likely just checking on their deposits/withdrawals.


Instead of doing the right thing and that is refund those effected during the hack” and suspension, they rather remove the wallets you have balances so that you don’t realize they are running with your funds.

Getting hack is a pain in the but, but publicly promoting to your clients of backed funding for insurances while suspending withdrawals and not crediting deposits always in the fall sign of a exit scam in affect.

Sorry to say this. Lessons hard learned myself.

Phemex is fixing most of their issues along with resuming many deposits and withdrawals.

Good job Phemex!

[LogitechMouse]

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Edit: The exchange was hacked and over $69.1M worth of cryptocurrency was stolen.

Based on this article that just posted hours ago: LINK

Initially, the stolen amount was estimated at $29 million, but further analysis revealed a much larger impact. By Friday, blockchain security firm PeckShield adjusted the estimate to $69 million. Two days later, MetaMask‘s Taylor Monahan calculated the total losses to be at least $85 million.

I've heard the exchange a few years ago already, but didn't register on them. I just hope that this isn't a rug pull indeed, but a hack. Well, sometimes in order for an exchange to strengthen their security, they must face situations like this. In the case of Phemex, it caused them $85 Million Dollars before they upgrade their security.

Just for context, the amount of money that has been lost in these CEXes due to various breaches increased by 40% last year to $2.3B, and I believe that it might increase this year now that we are in a bull run. Just remember to not store your coins on exchanges so you will not be affected by these events. :X

[suzanne5223]

I've heard the exchange a few years ago already, but didn't register on them. I just hope that this isn't a rug pull indeed, but a hack. Well, sometimes in order for an exchange to strengthen their security, they must face situations like this. In the case of Phemex, it caused them $85 Million Dollars before they upgrade their security.

Just for context, the amount of money that has been lost in these CEXes due to various breaches increased by 40% last year to $2.3B, and I believe that it might increase this year now that we are in a bull run. Just remember to not store your coins on exchanges so you will not be affected by these events. :X

I hope is a hack, not a rug pull. If the accident was rug pull as the crypto community once thought I believe the people involved won't go scot-free because the crypto market we're in now is different from the 10 years ago market.

The bull season market is always known as the year when hackers target cryptocurrency platforms with security errors but I don't expect it to happen to Phemex which was an exchange platform whose former executives was Morgan Stanley.