Phemex Suspends Withdrawals After $37 Million Crypto Hack
Phemex, a crypto exchange, experienced a major exploit on Thursday, leading to the theft of approximately $37 million in various cryptocurrencies from its hot wallets. This incident temporarily halted withdrawals.
Phemex Hack Overview
- First crypto exchange hack reported in 2025
- Over $29 million initially identified as stolen, later updated to $37 million
- Assets taken include USDT, USDC, ETH, LINK, PEPE, and AVAX
- Attackers executed around 125 suspicious transactions across multiple blockchains
Response and Investigation
- Phemex CEO confirmed the attack; cold wallets remained secure
- Withdrawals suspended for security inspections
- Compensation plan is being developed
In 2024, hacks increased significantly, with over $2.2 billion stolen and 303 incidents recorded, marking it as a record year for crypto exploits. Centralized exchanges were the primary targets, while DeFi platforms accounted for most stolen assets in earlier quarters.
