Phemex Crypto Platform Loses Over $69 Million in Sophisticated Cyberattack

Phemex, a Singapore-based cryptocurrency exchange, was hit by a suspected cyberattack on Thursday that resulted in the theft of over $69 million in various digital currencies. The platform has paused certain operations while it works to restore withdrawals and manually review requests to withdraw funds.

CEO Federico Variola confirmed the breach, explaining that they had taken a snapshot of all users’ balances as of 12pm UTC as a reward for their loyalty. He noted that the attack was highly sophisticated, which had delayed the company’s response.

Blockchain security firms Cyvers and PeckShield reported seeing suspicious transactions involving $29 million leaving the platform initially, with the final loss tally exceeding $69 million. The stolen funds included ETH, Bitcoin, Binance Coin, and other cryptocurrencies.

In a statement, Phemex apologized for the disruption, assuring users that ongoing business operations remained unaffected and trading services were continuing as usual. The company also stated it was preparing a compensation plan, though no specifics were provided.

Phemex, which serves over five million users globally and has approval to operate in the U.S., Canada, Turkey, and Lithuania, has been under pressure due to a series of high-profile cyberattacks targeting crypto platforms. In the past six months, similar attacks have affected Singapore-based Penpie and BingX, with millions of dollars stolen from both platforms.

Experts believe the attack on Phemex was carried out by experienced hackers, with some suggesting a possible link to North Korea, a country known for targeting cryptocurrency platforms to fund its missile and weapons programs. This follows warnings from the U.S., Japan, and South Korea about continued threats from North Korean hackers in 2025. According to recent reports, North Korean-linked groups have stolen over $1.3 billion worth of cryptocurrency in 2024 alone.