$85 million stolen from cryptocurrency exchange Phemex

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Apr 29, 2022
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Last week, cryptocurrency exchange Phemex was attacked, resulting in the theft of over $85 million in cryptocurrency. The exchange has now suspended deposits and withdrawals and has already published Proof of Reserves to ensure transparency.

According to a statement from Phemex CEO Federico Variola, the incident only affected hot wallets, and cold wallets were not affected. In his statement, Variola mentioned that the attack was “sophisticated,” but did not provide any further details about the incident.


[td]“On January 23, 2025, we detected unusual activity in our hot wallet. We quickly activated our emergency response mechanism, suspended the relevant functions, and began to fix potential vulnerabilities,” the company said in a statement . “The affected devices were identified and isolated, and we notified third-party security companies and law enforcement agencies for further support and action.”[/td]
Initially, the value of the stolen cryptocurrency was estimated at $29 million , but soon blockchain analysts PeckShield reported that more than $69 million had been stolen . After that, the damage estimate increased again when Taylor Monahan of MetaMask calculated that the value of the stolen cryptocurrency was at least $85 million .

Currently, withdrawals from Phemex are gradually being restored: ETH, USDT and USDC on Ethereum, SOL, USDT and USDC on Solana, as well as Arbitrum, Optimism, BSC, Polygon and Base are already working.


The company emphasizes that it has already launched a new security system, which is controlled by a third-party information security partner. Phemex promises to resume all operations in the near future, and states that it guarantees “absolute security” of user assets.
 

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