Hackers breach Phemex crypto exchange

Hackers have breached the Singapore-based cryptocurrency exchange Phemex, with North Korean cybercriminals suspected to be behind the attack, according to The Block.

MetaMask security researcher Taylor Monahan pointed out that the hack involved the simultaneous withdrawal of "a huge amount of various assets" across multiple networks. Initially, the hackers stole funds in Bitcoin, Ethereum, Solana, and stablecoins before shifting their focus to less popular tokens.

Analysts at Arkham noted that the attackers nearly emptied the exchange’s hot wallets, leaving only small amounts in lesser-known altcoins.

"All this activity happened simultaneously, but not through scripts. Assets were manually exchanged and then transferred to a fresh address," Monahan added.

The main wallet used by the Phemex hackers processed at least $44 million. According to researchers, the attackers stole at least $16 million in SOL, $12 million in XRP, and $5 million in Bitcoin. The total losses have now exceeded $70 million.