Singapore-based cryptocurrency exchange Phemex is investigating suspicious transactions involving its hot wallets, as identified by security firm Cyvers. 

Over $37 million in digital assets, including Bitcoin, Ethereum, and TRON, were reportedly affected across multiple chains.

Phemex Suspends Withdrawals  

Phemex has confirmed the incident and temporarily halted withdrawals. Cyvers noted over 125 suspicious transactions on the hot wallets.

The exchange stated that its cold wallets—holding the majority of users’ funds—remain secure and unaffected. 

These wallets are fully transparent and verifiable, as the exchange emphasized.

“More than 125 suspicious transactions moving funds from Phemex hot wallets to new wallets on different chains such as Ethereum, Polygon, Binance, Optimism, Polygon, Base, Avalanche, Bitcoin, Tron, Solana, and probably more. Some of the tokens and stablecoins have already been swapped to avoid freezing,” Cyvers Co-founder & CTO, Meir Dolev told BeInCrypto. 

Phemex is one of the largest crypto exchanges in Singapore. According to CoinGecko data, the exchange has a daily market volume of over $177 million and nearly a million monthly traffic. 

“Phemex and the development team apologize for the disruption. Our mission to provide a seamless and trusted trading environment remains firm. We are working on a compensation plan, which will be announced soon,” Phemex announced on X (formerly Twitter). 

The broader cryptocurrency market has faced increased security challenges this year. Reports show that losses from hacks have reached $2.15 billion in 2024, with scams contributing an additional $834.5 million. This represents a 15% rise in losses compared to 2023. 

High-profile incidents involving platforms like WazirX, Radiant Capital, and DMM Bitcoin have exposed vulnerabilities in multisig wallets and DeFi protocols.

Additionally, scammers are increasingly exploiting professional platforms like LinkedIn to target crypto users. 

Recent reports highlight how attackers use legitimate tools, such as video conferencing platforms and detailed job offers, to gain victims’ trust before executing their schemes.

Other platforms have also faced scrutiny over potential security issues. Hyperliquid, a decentralized exchange, recently saw $60 million in USDC outflows. This was driven by rumors of a breach linked to North Korea’s Lazarus Group. 

The company denied any hack but acknowledged suspicious activity involving ETH deposits and withdrawals.

The surge in crypto adoption has made security an increasingly critical priority for the industry. Access control failures, such as private key compromises, remain a significant threat. 

Strengthening protections and developing proactive measures are vital as the crypto space continues to expand and attract new users.

Recent developments suggest that crypto investors looking to catch the next quick 5x should be keeping an eye on the Dogecoin price. This is based on both technical and fundamental analysis, which proves that DOGE could record a 500% price surge from its current level. 

Analyst Predicts 500% Surge For The Dogecoin Price

In an X post, crypto analyst Javon Marks predicted a 500% surge for the Dogecoin price, representing a 5x increase from its current level. The analyst explained that Dogecoin is back showing strength, and by its historical performance, DOGE can be set for an over 432% gain at the least from its current level.

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Javon Marks further remarked that the Dogecoin price could rally above the 1.618 Fib extension, which is currently at $2.2. In line with this, the analyst added that market participants could still be early, considering that DOGE could witness a 5x price increase from its current level.

Crypto analyst Trader Tardigrade also recently predicted that the Dogecoin price could rally above $2. In an X post, the analyst stated that the meme coin had formed a bull flag on the 2-day chart. According to the analyst, this DOGE bull flag pattern puts a target of over $2 for the foremost meme coin. 

The crypto analyst had previously predicted that the DOGE price could even rally as high as $8 if it mirrors the 2017 bull run. He added that DOGE could also reach $30 if it mirrors the 2021 bull run. These projections further prove that the foremost meme coin could at least record a 500% price surge from its current level. Crypto analyst Master Kenobi has also previously predicted that Dogecoin could rally to $2 in this cycle and top around $3. 

Bullish Fundamentals Also Support A 5x Increase For DOGE

The Dogecoin price also boasts bullish fundamentals, which support a 5x increase from its current level. One of the fundamentals includes the potential launch of a Dogecoin exchange-traded fund (ETF) in the US. Asset manager Bitwise recently filed for a Dogecoin ETF in Delaware, indicating that an application with the US Securities and Exchange Commission (SEC) may be next.

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Asset manager REX Shares, in collaboration with Osprey, already filed with the SEC to offer a Dogecoin ETF. This is bullish for the Dogecoin price, considering the amount of institutional funds that could flow into the DOGE ecosystem if the SEC approves these funds. There is also a huge likelihood that the SEC will approve these funds, considering the pro-crypto climate under Donald Trump’s administration. 

It is also worth mentioning that there has been a huge accumulation trend among DOGE whales, which is also bullish for the Dogecoin price. IntoTheBlock data shows there has been a 41% spike in the meme coin’s large transactions, with $23.35 billion traded in the last 24 hours. Another bullish fundamental is Elon Musk’s Department of Government Efficiency (DOGE), which puts the foremost meme coin in the limelight. 

At the time of writing, the DOGE price is trading at around $0.35, down almost 4% in the last 24 hours, according to data from CoinMarketCap.

Featured image from iStock, chart from Tradingview.com

Ethereum (ETH) price is showing bearish signals across multiple technical indicators as the leading smart contract platform faces mounting pressure. ETH is down more than 3% in the last 24 hours, as questions about its future are raised and competing chains like Solana continue to attract more attention.

ETH has declined almost 15% since reaching its 2025 peak on January 6. Technical analysis suggests further downside could be ahead, with key support levels being tested as momentum indicators point to weakening bullish sentiment.

Ethereum RSI Is Currently Neutral and Going Down

The Ethereum RSI (Relative Strength Index) is currently sitting at 41.6, marking a significant drop from yesterday’s 51.1. After reaching an elevated level of 68 on January 15, the indicator has predominantly oscillated between 40 and 55, suggesting a period of moderate price momentum.

This recent decline below the midpoint of 50 indicates weakening bullish momentum, though not yet entering oversold territory.

RSI is a momentum oscillator that measures the speed and magnitude of price changes, typically using a 14-day period. The indicator operates on a scale of 0 to 100, with readings above 70 generally considered overbought and below 30 oversold. With ETH current RSI at 41.6, the asset is showing mild bearish momentum but remains in neutral territory.

While this could suggest a potential for further Ethereum decline in the short term, the moderate RSI reading doesn’t signal extreme conditions that would typically precede major price movements, suggesting a period of price consolidation may be more likely.

ETH DMI Shows a Weak Trend

Directional Movement Index (DMI) for Ethereum shows weak overall trend strength with an Average Directional Index (ADX) of 14.1, continuing its sub-20 reading since January 16.

The ADX, which ranges from 0 to 100, measures trend strength regardless of direction. Readings below 20 indicate a weak trend, ranging from 20 to 25 suggest an emerging trend, and above 25 signal a strong trend.

The current bearish signal is evident in the Positive Directional Indicator (+DI) falling to 15.94 from 23 while the Negative Directional Indicator (-DI) rose to 25.94 from 23.68.

With -DI crossing above +DI and exceeding 25, this suggests increasing selling pressure. However, the low ADX indicates the trend lacks strength despite ETH 3% decline in 24 hours. This combination typically suggests a weak downtrend that could either strengthen if ADX rises above 20, or continue ranging if ADX remains low.

ETH Price Prediction: Will Ethereum Fall Below $3,000?

Ethereum Exponential Moving Average (EMA) lines are displaying a bearish pattern, with shorter-period EMAs trading below longer ones, suggesting sustained downward momentum.

The immediate support level sits at $3,158, with a break below potentially triggering a decline to $2,927. Current price action near these levels indicates bears may be testing this crucial support zone.

A bullish reversal scenario would require Ethereum price to first overcome resistance at $3,334. If successful, key resistance levels await at $3,473 and $3,745.

However, the bearish EMA configuration suggests upward moves may face significant selling pressure until the shorter-term EMAs can cross above longer-term ones, indicating a trend shift.