Crypto Chaos: Phemex Heist Leaves $85 Million Hole in Hot Wallets
The Phemex crypto exchange fell victim to a massive security breach, losing $85 million in cryptocurrency. Following the attack, Phemex suspended transactions to secure user assets. According to CEO Federico Variola, only hot wallets were affected, while cold wallets remained safe. Despite the setback, Phemex has implemented new security measures to prevent future incidents.
Hot Take:
Looks like Phemex just found out the hard way that when it comes to cybersecurity, “crypto” doesn’t mean “invincible.” Maybe next time they’ll invest in a better security system before their hot wallets get hotter than a jalapeño in a sauna. In the meantime, North Korean hackers are probably chuckling all the way to the blockchain bank!
Key Points:
- Phemex crypto exchange suffered a security breach, losing $85 million in cryptocurrency.
- The breach affected hot wallets, but cold wallets remained secure.
- Withdrawals are being restored gradually, with certain cryptocurrencies already accessible.
- Old deposit addresses are now obsolete, and manual reviews may delay transactions.
- North Korean hackers are suspected, but the perpetrators remain unidentified.
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