Phemex, a cryptocurrency exchange, is in the process of restoring the withdrawal functions for USDT and USDC. The CEO announced that all withdrawal applications will undergo manual review by the security team, which may lead to some delays. Additionally, Phemex has taken a snapshot of user balances as of 12 noon UTC and plans to introduce a reward program to express gratitude for user support and loyalty. The Bitcoin withdrawal function is expected to be available soon, and Bitcoin wallets remain unaffected by the current situation.

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PANews reported on January 24 that according to the CEO of crypto exchange Phemex, the platform is gradually restoring the withdrawal function of USDT and USDC. All applications will be manually reviewed by the security team, which may require a certain amount of waiting time. In addition, Phemex has taken a snapshot of user balances at 12 noon UTC time, and will launch a reward program in the future to thank users for their support and loyalty. The Bitcoin withdrawal function will also be opened soon, and Bitcoin wallets have not been affected by this incident.

Phemex Gradually Restores USDT and USDC Withdrawals, Plans Reward Program