Phemex Exchange Faces $37 Million Hack Investigation
Cybercriminals have targeted Phemex, a Singapore-based digital asset derivatives platform. Blockchain security firm Cyvers detected suspicious transactions across multiple blockchain networks, resulting in the loss of approximately $37 million. The stolen assets were swapped for Ether at https://holder.io/coins/eth/.
Phemex's Response
Phemex's CEO confirmed that the company’s cold wallet is secure and stated that user assets are safe while investigations continue.
Hello everyone, as we look into a report on one of our hot wallets rest assured our cold wallets remain safe and can be checked by everyone here, will post more updates shortlyhttps://t.co/5d9obJcPjS
— Federico0x @Phemex (@Federico0x) January 23, 2025
The incident contributes to a rise in cryptocurrency hacks, with funds stolen from platforms increasing by 21% in 2024 to $2.2 billion. North Korean hacking groups accounted for approximately $1.34 billion of this total across 47 incidents.
Among notable hacks, the attack on Japan’s DMM Bitcoin exchange resulted in a theft of $305 million. By Q3 2024, over $2.2 billion had been stolen, surpassing the total losses of $1.8 billion in 2023.
Implications for the Crypto Industry
The surge in attacks emphasizes the need for improved security measures within the cryptocurrency sector. Companies are enhancing their security protocols:
- Hibt Exchange announced a Security Upgrade Package on January 22.
- Fireblocks expanded its security offerings including dApp Protection and Transaction Simulation.
- The Sui Foundation partnered with Chainalysis to strengthen its blockchain security.