Crypto Exchange Phemex Suspends Withdrawals After $30M Hack
Cryptocurrency exchange Phemex appears to have fallen victim to a multimillion-dollar attack on Thursday, according to online reports. Millions of dollars worth of USDT, USDC, Ethereum (ETH) and other crypto-assets were stolen from exchange hot wallets, causing withdrawals to be temporarily halved.
Related reading
Phemex suffers first cryptocurrency exchange hack of 2025
On Thursday morning, the first cryptocurrency exchange hacker Annual hit industry. Multiple reports indicate that suspicious activity involving Phemex hot wallets is occurring at several chains.
Blockchain security company Cyvvers shared On X, it detected multiple transactions from multiple suspicious wallets on different chains, “including BNB, ETH, OP, POL, BASE, and ARB.”
Initial reports from the security firm stated that more than $29 million worth of cryptocurrency had been stolen. transfer Go to a suspicious address and raise funds. “After deeper analysis, it was discovered that the BTC and TRON blockchains were also affected, with total estimated losses now reaching approximately $37 million,” the update reads.
Cyvvers appears to have discovered approximately 125 suspicious transactions spread across different blockchains, noting that the attackers have begun exchanging tokens to Ethereum (ETH) to avoid potential freezing measures.
At the same time, the on-chain data analysis company Lookonchain cracked the cryptocurrency theft case, statement Hackers stole approximately $31 million worth of crypto assets. According to analysis, 3.48 million USDC, 3.42 million USDT, and 841 ETH were stolen from the exchange’s hot wallet, worth US$2.7 million.
In addition, the attackers took away 110,701 LINK, 142 billion PEPE, 1.19 million FET, and 29,509 AVAX, with a total value of approximately $7.3 million. Lookonchain also listed ONDO, TRX, CRV, JASMY, AAVE, SHIB, GRT, and BRETT as part of the stolen crypto assets.
Compensation plan in progress
After the news broke, Phemex CEO Federico Variola confirmed that one of the cryptocurrency exchange’s hot wallets was attacked. Variola assured users that Phemex’s cold wallets remain secure and that they are investigating the reports.
Then exchange Announce Withdrawals were temporarily halted on Day X due to emergency inspections and heightened security measures, but no further details about the incident were provided.
To ensure safety, we have temporarily suspended withdrawals while conducting emergency inspections and strengthening wallet services. We apologize for the inconvenience. Withdrawals will resume soon. Phemex and the development team apologize for the disruption. We remain steadfast in our commitment to providing a seamless and trustworthy trading environment.
Nonetheless, the post stated that ongoing business operations are operating well and transaction services are continuing as usual. The Phemex team also revealed that they are working on a compensation plan that will be announced soon.
It is worth noting that the number of hacking attacks and the total value of losses increased in 2024 compared to the previous year. According to chain analysis data2024 marks the fourth consecutive year that funds stolen by cryptocurrency hackers have surpassed the billion-dollar mark.
Related reading
Additionally, the total value stolen last year soared to $2.2 billion, making it the deadliest year for individual hackers, with 303 incidents as of December.
Centralized exchanges (CEX) were the most attacked platforms in Q2 and Q3, recording some of the biggest incidents in industry history, while decentralized finance (DeFi) platform As with most quarters between 2021 and 2023, the largest share of stolen assets occurred in the first quarter.
Featured image from Unsplash.com, chart from TradingView.com
