The Good Tech Companies - Phemex Update On wallet Security And Temporary Suspension Of Withdrawals

Episode Date: January 23, 2025

This story was originally published on HackerNoon at: https://hackernoon.com/phemex-update-on-wallet-security-and-temporary-suspension-of-withdrawals. The impact is limited and systems remain secure. Trading services continue uninterrupted, and core business operations remain unaffected. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #phemex, #btcwire, #press-release, #phemex-announcement, #crypto-exchange, #crypto-trading, #good-company, and more. This story was written by: @btcwire. Learn more about this writer by checking @btcwire's about page, and for more stories, please visit hackernoon.com. Phemex is currently investigating a report involving one of its hot wallets. Withdrawals have been temporarily suspended to allow for a thorough inspection and the enhancement of wallet security measures. Trading services continue uninterrupted, and core business operations remain unaffected.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Femex update on wallet security and temporary suspension of withdrawals. BYBTC Wire. Apia, Samoa, January 23 Femex is currently investigating a report involving one of its hot wallets used for daily operations. As part of the platform's commitment to user security, withdrawals have been temporarily suspended to allow for a thorough inspection and the enhancement of wallet security measures. It is important to emphasize that Femex's cold wallets remain fully secure and unaffected. Cold wallets, which hold the majority of users' funds, are transparent and verifiable.

Users can independently confirm their status at https colon slash slash femex dot com slash proof dash of dash reserves closing square bracket opening parenthesis https colon slash slash femex dot com slash proof dash of dash reserves closing parenthesis dot the impact is limited and systems remain secure. Trading services continue uninterrupted, and core business operations remain unaffected. As a leading cryptocurrency exchange, Femex has consistently demonstrated its commitment to security and transparency. By being the first to publish both proof of reserves and proof of solvency through a groundbreaking self-proving approach, Femex has solidified its reputation as one of the most secure and trustworthy platforms in the industry.

The temporary suspension of withdrawals is a precautionary measure to ensure the continued safety of user funds. Withdrawals will be reinstated promptly following the conclusion of the investigation and the implementation of all necessary security enhancements. To further address any inconvenience caused, Femex is preparing a compensation plan, which will be announced shortly. Femex remains steadfast in its mission to provide a seamless, secure, and trusted trading environment. Additional updates will be shared via official communication channels as the situation evolves. For further updates and information, please visit slash slash femex dot com, https colon slash slash femex dot com, about Femex. Femex is a leading cryptocurrency exchange that specializes in spot and derivatives trading.

It features 350-plus USDT margined contract trading pairs with UP to 100x leverage that all support hedge mode, alongside 400-plus popular spot trading pairs. Individuals from all over the world can instantly buy, sell, and trade blockchain cryptocurrency through a user-friendly and secure platform. Femex has released transparent Merkle Tree proof of reserves so all users can verify on the blockchain that all funds are 100% backed on the platform. As the first exchange to publish both proof of reserves and proof of solvency through a unique, self-proving approach, Femex stands out as one of the best and most trustworthy crypto exchanges.

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