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Phemex, a Singapore-based cryptocurrency exchange, has halted withdrawals following a cyberattack that resulted in the theft of approximately $73 million from its hot wallets. The incident was reported on January 25, 2025, when the exchange was alerted to suspicious activity by several blockchain security firms. Initial estimates of the stolen amount varied, with reports indicating losses of $69 million to $85 million. The attack is noted as one of the largest decentralized finance hacks of the year, with compromised private keys suspected as the cause of the breach.
Hackers steal $85 million worth of cryptocurrency from Phemex https://t.co/sYrbyfNARC
⚡️ INSIGHT: Finding the right crypto exchange in 2025 is essential as many platforms lack transparency, speed, and security. @Phemex_official stands out with advanced security, zero deposit fees, and fast trading systems. Its innovative MemeX feature simplifies trading… https://t.co/mnD4hXDLGG
⚡️️ INSIGHT: Finding the right crypto exchange in 2025 is essential as many platforms lack transparency, speed, and security. @Phemex_official stands out with advanced security, zero deposit fees, and fast trading systems. Its innovative MemeX feature simplifies trading… https://t.co/TTCmL35I3R