The Phemex Exchange Exploit: A Deep Dive into the $37 Million Hack
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The Phemex Exchange Exploit: A Deep Dive into the $37 Million Hack
On January 23, 2025, Phemex, a well-known cryptocurrency exchange based in Singapore, fell victim to a significant security breach that resulted in the unauthorized withdrawal of approximately $37 million in digital assets. This incident marks one of the largest hacks in the cryptocurrency space this year and raises serious questions about the security protocols employed by centralized exchanges.
Smart Contract Hack Overview
- Attacker Address: 0x5b34…7e22
- Vulnerable Contract: 0x50be…6772
- Attack Transaction: The attack involved over 125 suspicious transactions across multiple blockchain networks, including Ethereum, Binance Smart Chain (BSC), Polygon, Optimism, Base, and Arbitrum.
Overview of the Attack
The breach was first detected by blockchain security firm Cyvers, which flagged suspicious transactions involving Phemex’s hot wallets. Initial reports indicated that around $29 million had been withdrawn; however, further investigations revealed that the total losses exceeded $37 million as attackers exploited vulnerabilities across multiple blockchain …
On January 23, 2025, Phemex, a well-known cryptocurrency exchange based in Singapore, fell victim to a significant security breach that resulted in the unauthorized withdrawal of approximately $37 million in digital assets. This incident marks one of the largest hacks in the cryptocurrency space this year and raises serious questions about the security protocols employed by centralized exchanges.
Smart Contract Hack Overview
- Attacker Address: 0x5b34…7e22
- Vulnerable Contract: 0x50be…6772
- Attack Transaction: The attack involved over 125 suspicious transactions across multiple blockchain networks, including Ethereum, Binance Smart Chain (BSC), Polygon, Optimism, Base, and Arbitrum.
Overview of the Attack
The breach was first detected by blockchain security firm Cyvers, which flagged suspicious transactions involving Phemex’s hot wallets. Initial reports indicated that around $29 million had been withdrawn; however, further investigations revealed that the total losses exceeded $37 million as attackers exploited vulnerabilities across multiple blockchain …
IoC
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