Phemex Exchange Suspected of $37 Million Hack
Phemex loses $37 million to hackers, sparking concerns over rising cryptocurrency security threats
Highlights:
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Phemex Exchange suffers a $37M hack, with hackers converting stolen funds to Ether.
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Phemex CEO reassures users, confirming the cold wallet remains secure amid the investigation.
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Cyberattacks on crypto platforms rise in 2024, with exchanges enhancing security measures.

On January 18, 2024, Cyvers, a blockchain security firm, discovered suspicious activity on Phemex, a digital asset derivatives platform. The breach, spanning multiple blockchain networks, resulted in the loss of about $37 million. Hackers swapped the stolen funds for Ether (ETH). As Phemex investigates the full extent of the damage, users and the crypto community are left concerned about the growing frequency of cyber attacks.
Phemex’s Response to the Hack
Phemex’s CEO reassured users that the company’s cold wallet remains secure. The CEO confirmed that user funds are safe. The team is working quickly to identify how the breach occurred.
According to Chainalysis, funds stolen from cryptocurrency platforms surged by 21%, totaling $2.2 billion. North Korean hacking groups were responsible for roughly $1.34 billion of the thefts, spreading across 47 incidents.
The Rising Threat of Cybercrime
Phemex’s hack reveals the growing danger faced by cryptocurrency exchanges. Just months ago, DMM Bitcoin lost $305 million in a similar attack. The increase in these incidents forces exchanges to rethink their security measures.
Some platforms are acting to counter these rising threats. Hibt Exchange, a Canadian platform, launched a new Security Upgrade Package. Fireblocks, a leading blockchain security firm, has also expanded its services to protect institutional investors.
Their new tools aim to prevent malicious transactions and enhance risk assessments. The Phemex hack serves as a wake-up call. Cryptocurrency exchanges must focus on stronger security to protect user trust and ensure long-term success.
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