2025-01-24
Securr
The Phemex Exchange Exploit: A Deep Dive into the $37 Million Hack
#Cryptocurrency
#Phemex
Phemex
#Phemex
- Reported: 2025-01
- Locations: Singapore
- Motivations: #FinancialGain
- Sectors: #Cryptocurrency
Summary
On January 23, 2025, Phemex suffered a $73 million hack, with funds drained from hot wallets across 16 chains, including Ethereum, Solana, and XRP. The attack exploited access control vulnerabilities, enabling rapid and synchronized thefts. While cold wallets remained safe, the incident raised significant concerns about multi-chain security risks. Phemex temporarily suspended withdrawals and promised transparency, publishing proof of reserves to reassure users.