Massive Cybersecurity Breach Targets Phemex Hot Wallets, Resulting in $37M in Losses
The post Massive Cybersecurity Breach Targets Phemex Hot Wallets, Resulting in $37M in Losses appeared on BitcoinEthereumNews.com.
A major cybersecurity breach has been revealed as several dubious transactions were found to involve the hot wallets of the crypto exchange Phemex. This incident, which has rocked the digital asset community, has seen the unauthorized transfer of digital asset amounts over $37 million across multiple blockchain networks. Suspicious Activity Across Multiple Chains Phemex preliminary alert flagged transactions coming from its hot wallets that seemed suspicious. The hot wallets in question are supposed to hold only a limited amount of assets, but they carry around $29 million worth of digital assets inside them. The alert was for not just one blockchain but several major ones: Binance Smart Chain (BNB), Ethereum (ETH), Optimism (OP), Polygon (POL), Base (BASE), and Arbitrum (ARB). The transactions involved were just too big in amount and number and too fast for what should be normal operating procedures for any exchange’s hot wallets. 🚨ALERT🚨Hey @Phemex_official, Our systems have detected multiple suspicious transactions involving your hot wallets across several chains.Over $29M worth of digital assets have been transferred by suspicious addresses on chains including $BNB, $ETH, $OP, $POL, $BASE, and $ARB.… pic.twitter.com/1bFlRmlLUz — 🚨 Cyvers Alerts 🚨 (@CyversAlerts) January 23, 2025 Further review has uncovered that the assailants did not limit themselves to just these chains. The Bitcoin (BTC) and TRON blockchains were also targeted, substantially raising the total estimated losses to about $37 million. It’s a worrying trend that these dubious locations have started to turn the pilfered properties into Ethereum (ETH), a typical tactic employed by hackers to cover their tracks. And that they’re using Ethereum isn’t incidental—because Ethereum is a public blockchain, the stolen assets could be further obscured by using mixing services that operate on Ethereum. Official Response and Assurance from Phemex With increasing worries, Phemex’s chief executive has taken it upon himself to…
Filed under: News - @ January 24, 2025 2:24 pm