Major Crypto Exchange Phemex Suffers $31M Cyberattack

Phemex, one of the leading cryptocurrency exchanges, has fallen victim to a massive cyberattack, losing approximately $31 million in digital assets. The breach, confirmed by data from Lookonchain, has sent shockwaves through the crypto community.

Phemex Assets Lost in the Breach

The attack compromised numerous user wallets, leading to losses totaling millions of dollars across several prominent cryptocurrencies.

The stolen funds encompass a diverse range of digital assets, highlighting the breadth of the breach. A preliminary assessment reveals the following approximate losses: USD 3.48 million, $3.42 million USDT (Tether), 841 ETH (Ethereum), valued at approximately $2.7 million at the time of the breach, 110,701 LINK (Chainlink), valued at approximately $2.69 million at the time of the breach.

Additionally, 142 billion PEPE (Pepe coin), was valued at approximately $2.12 million at the time of the breach. 1.19 million FET (Fetch.ai), valued at approximately $1.45 million at the time of the breach, and 29,509 AVAX (Avalanche), valued at approximately $1.04 million at the time of the breach.

The total value of the stolen cryptocurrencies, based on the approximate values at the time of the breach, exceeds $16.5 million.

The detailed transaction analysis, as observed on Arkham Intelligence, reveals the meticulous planning behind this breach. The attackers carefully transferred the stolen funds, leaving the crypto community stunned by the magnitude and precision of the attack.

Lookonchain’s post on the breach has sparked widespread reactions. Many users expressed disbelief at the scale of the attack, with some questioning whether exchanges are adequately prepared to safeguard their users’ funds.

A Growing Trend of Crypto Security Breaches

This incident is the latest in a series of cyberattacks targeting high-profile crypto platforms. In October 2024, Cybertecwiz reported the hacking of a U.S. government crypto wallet, resulting in a $20 million loss to hackers. Similarly, Coinrena covered a breach involving XT Exchange, which lost $1.7 million worth of assets to cybercriminals.

Phemex’s case, however, stands out due to the sheer volume of assets stolen. The attack has left users and investors concerned about the platform’s security protocols and response strategies. Despite the growing sophistication of hacking techniques, the crypto community continues to demand robust measures to mitigate these recurring breaches.