Phemex’s CEO, Federico Variola, addressed the incident on Friday morning, announcing ongoing efforts to restore withdrawals on the platform
Singapore-based cryptocurrency platform Phemex was forced to temporarily suspend certain operations after falling victim to a suspected cyberattack that resulted in the theft of more than USD 69 million in digital assets. The breach, which occurred on Thursday, has raised fresh concerns about the vulnerabilities faced by crypto platforms in an increasingly sophisticated threat landscape.
Phemex’s CEO, Federico Variola, addressed the incident on Friday morning, announcing ongoing efforts to restore withdrawals on the platform. Withdrawals will now undergo manual review to ensure security. “We have also taken a snapshot of all users’ balances as of 12 pm UTC for a reward for your support and loyalty—more on this soon,” said Variola in his statement.
The attack, which began on Thursday morning, was first detected by blockchain security firms, who reported significant outflows of cryptocurrency from the platform. Cyvers, a blockchain security company, identified suspicious transactions involving USD 29 million worth of cryptocurrency leaving Phemex. A final tally by security firm PeckShield later revealed the full extent of the theft, which included Ethereum, Bitcoin, Binance Coin, and other cryptocurrencies, amounting to more than USD 69 million.
In a message to its users, Phemex apologised for the disruption but reassured customers of the company’s continued
