George Miller
Phemex, a popular cryptocurrency exchange in the US, UK, and Canada, has announced a temporary halt on withdrawals to enhance wallet security measures. The exchange reassured its users that trading services would continue uninterrupted and operations would remain normal.
Emergency Assessment of Wallets by Phemex
In a recent statement on their official X page, Phemex disclosed that the suspension is part of an urgent review to bolster the security of wallet services for its users. The company acknowledged any inconvenience caused by this temporary service disruption.
Federico Variola, CEO of Phemex, commented on the situation on his X account, identifying a problem with one of their hot wallets that prompted the protocol for service suspension. He confirmed that their cold wallets remain secure. Users can verify the safety of these offline wallets through a link provided by him. He pledged to keep users informed as the investigation progresses.
Upcoming Compensation for Users
According to the announcement, this action is intended to foster a trustworthy platform for users. The company plans to implement a compensation plan, although specific details are not yet available. Phemex assured clients that services will resume once the review is complete and expressed gratitude for their patience.
This proactive decision to suspend withdrawals reflects the exchange’s commitment to create a secure and transparent user environment, which is generally met with positivity from the community.