Phemex Loses $69 Million in Crypto Heist

Unknown hackers have compromised the Phemex cryptocurrency platform and stole around $69 million worth of cryptocurrency. 

Crypto platforms worldwide have been targeted in hack attacks and it looks like such security incidents are increasing year by year. In fact, a recent analysis showed a 102.88 percent increase in stolen cryptocurrency from 2023 to 2024, reaching $1.34 billion stolen across 47 incidents. 

Phemex CEO Federico Variola initially said on X that they suspended withdrawals while they determine the severity of the attack. 

“We are currently carefully testing our system to reprise withdrawals as soon as possible,” said Variola. “Due to the sophistication of the threat actor we cannot rush this stage. The estimated timeline to reprise full operations is within 24h, thank you for your support.” 

The CEO was also quick to point out that cold wallets are perfectly safe. Soon after, the company also put forward a short notification assuring users that a compensation plan is in the works. 

“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. Thank you for your understanding and continued support,” the company said on X. 

The identity of the hackers remains unknown, but according to a Recorded Future News report, the losses totaled $69 million in various coins, including Bitcoin, ETH, and others. 

In the past, most of such high-profile attacks have been conducted by North Korean actors. In fact, North Korea is responsible for 61 percent of the total stolen in 2024, so there’s a good possibility that the Phemex hack is also their work. There’s no information on how they managed to siphon all the funds.