Phemex Crypto Catastrophe: $85M Heist Sparks Security Overhaul
Phemex suffers an $85 million cyber-heist, as suspicious transactions sweep across 16 blockchains. The Singapore-based cryptocurrency exchange quickly halted withdrawals, launched an emergency response, and promised a compensation plan. The sophisticated attack, potentially linked to North Korea, exploited access control breaches to drain hot wallets. Phemex vows improved security and user asset safety.
Hot Take:
Looks like Phemex learned the hard way: when it rains, it pours… and sometimes it rains $85 million worth of crypto! Maybe next time they’ll invest in some cyber umbrellas instead of just hoping for sunny skies.
Key Points:
- Phemex crypto exchange was hacked, losing over $85 million across 16 blockchains.
- The attack involved a sophisticated manual draining of hot wallets.
- Phemex suspended transactions and released a Proof of Reserves for transparency.
- The exchange resumed operations with enhanced security and is working on a compensation plan.
- The attack may be linked to North Korean hackers, known for their expertise in crypto heists.
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