🚨 $69M Stolen in Cyberattack on Phemex: Another Major Crypto Breach
- Thomas KOUAM
- Jan 31
- 2 min read
The cryptocurrency industry has suffered yet another high-profile cyberattack. Singapore-based crypto exchange Phemex recently confirmed that hackers stole $69 million worth of Ethereum (ETH), Bitcoin (BTC), Binance Coin (BNB), and other digital assets in a massive breach. The attack, initially reported at $29 million, quickly escalated as more losses came to light.
What Happened?
On Thursday, January 2025, blockchain security firms CyVers AI and PeckShield flagged a series of suspicious transactions from Phemex’s wallets. The firm was forced to temporarily suspend withdrawals, and CEO Federico Variola assured users that manual withdrawal reviews were underway.
To mitigate the damage, Phemex announced a compensation plan for affected users and a snapshot of balances to ensure future recovery rewards. However, the breach has significantly impacted trust in the platform.
Crypto Hacks: An Escalating Global Threat
This attack is part of a broader pattern of cyber threats targeting crypto platforms, particularly those based in Singapore. Recent incidents include:
Penpie ($30M stolen, September 2024)
BingX ($44M stolen, 2024)
Meanwhile, North Korean state-backed hackers are under suspicion. According to Chainalysis, North Korea-linked groups have stolen $1.34 billion across 47 incidents in 2024, a staggering sum that fuels concerns over crypto security.
Governments Issue Warnings
In response to rising threats, the U.S., Japan, and South Korea have issued warnings to the crypto industry about DPRK-sponsored cyberattacks. Stolen funds from these breaches often serve to finance illicit state programs, including weapons development.
Phemex’s Response & Future of Crypto Security
Despite the breach, Phemex remains operational, stating:
"Our mission to provide a seamless and trusted trading environment remains firm. Trading services continue as usual."
However, this incident underscores the urgent need for stronger cybersecurity defenses in the crypto space. With threat actors becoming increasingly sophisticated, platforms must implement:
✅ Enhanced blockchain monitoring
✅ Stronger multi-layer security
✅ Proactive threat intelligence
✅ User compensation strategies
As the industry grapples with ongoing threats, the balance between security, transparency, and user trust remains more critical than ever.
🔑 Keywords:
#Crypto #CyberSecurity #Phemex #Blockchain #Hacking #NorthKorea #Cryptocurrency #DigitalAssets #CryptoHacks
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