The cryptocurrency exchange Phemex experienced a major security breach on January 23, 2025, resulting in the theft of over $85 million worth of cryptocurrency. Following the incident, the exchange promptly suspended deposits and withdrawals to ensure user safety and posted proof of reserves to maintain transparency.
Details of the Phemex Security Breach
The breach targeted Phemex’s hot wallets, leaving cold wallets unaffected. Federico Variola, the CEO of Phemex, explained that the company detected unusual activity in its hot wallet at 11:30 UTC on the day of the attack. In response, the team activated its emergency protocols, isolated the affected systems, and reached out to third-party security firms and law enforcement for assistance.
Initially, the stolen amount was estimated at $29 million, but further analysis revealed a much larger impact. By Friday, blockchain security firm PeckShield adjusted the estimate to $69 million. Two days later, MetaMask‘s Taylor Monahan calculated the total losses to be at least $85 million.
To strengthen its defenses, Phemex implemented a new, more secure system, which is being closely monitored by its cybersecurity partner. Withdrawals are gradually being restored across various blockchains. By Friday, withdrawals for ETH, USDT, and USDC on Ethereum resumed. Solana-based assets such as SOL, USDT, and USDC were restored on Saturday, followed by assets on Arbitrum, Optimism, BSC, Polygon, and Base on Sunday. The exchange advised users to avoid using old deposit addresses, as doing so might result in delays due to manual reviews. Those with pending deposits were encouraged to contact customer support for assistance.
Large-scale crypto heists, such as this one, are often attributed to North Korean hacker groups like Lazarus, which are notorious for targeting cryptocurrency platforms. The FBI previously connected the TraderTraitor hacking group, linked to North Korea, to the May 2024 DDM Bitcoin hack that caused $308 million in losses. In a broader context, the U.S. government recently reported $659 million in cryptocurrency thefts attributed to North Korean hackers in 2024. Blockchain analytics firm Chainalysis presented an even higher figure of $1.3 billion in losses for the same period.
Although Phemex CEO Federico Variola described the attackers as “sophisticated” in a post on X, he refrained from sharing details that might assist in attributing the attack to a specific group. At present, the identity of the perpetrators remains unknown.
To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will be restored soon.
Phemex and the development team apologize for the disruption.… https://t.co/Gsqp2Fx7HP
— Phemex (@Phemex_official) January 23, 2025
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