In a plot twist that even the most imaginative science fiction writer would find hard to believe, the Singapore-based crypto exchange Phemex has found itself the unwitting star of a heist that would make even the most seasoned bank robbers green with envy. Yes, you heard it right: a staggering $70 million has been spirited away from their hot wallets, presumably by hackers who have taken a break from their usual hobbies of knitting and birdwatching. 🦜
According to the ever-watchful blockchain analytics firm PeckShield, Phemex lost a jaw-dropping $69.1 million in a daring exploit on January 23. This incident has been officially crowned as the largest crypto hack of 2025 so far, which is a title that comes with no trophy, just a lot of head-scratching and a few sleepless nights. 💤
— PeckShieldAlert (@PeckShieldAlert) January 24, 2025
Now, if you thought the hackers were just a bunch of amateurs, think again! These digital bandits, rumored to have connections to North Korea (because why not?), wasted no time converting their ill-gotten gains of Tether (USDT) and USD Coin (USDC) into Ethereum. Apparently, they were trying to “bypass blacklisting risks,” which sounds like a fancy way of saying they didn’t want to get caught. 🙈
On Ethereum alone, about $20 million worth of assets, including ETH and stablecoins, vanished into the ether (pun absolutely intended). Solana took a hit of $17 million, while XRP and Bitcoin were not spared either, losing $13 million and $5.3 million respectively. PeckShield’s breakdown reads like a tragic tale of lost fortunes. 📉
“Cold wallets remain safe”
In a valiant attempt to reassure users, Phemex CEO Federico Variola declared that the exchange’s cold wallets “remain safe.” This is akin to saying that your house is safe while the neighborhood is being robbed. He also mentioned that USDT and USDC withdrawals “are being progressively restored,” which is a fancy way of saying, “We’re working on it, please don’t panic.”
“All requests will be manually reviewed by our security team, so please be patient with the queue time,” Variola added, which is code for “We’re going to take our sweet time.” He also assured users that Bitcoin wallets were untouched and that BTC withdrawals “will be enabled soon,” which is comforting news for anyone still clinging to their digital coins. 💰
As for how this grand exploit occurred, the details remain as elusive as a cat in a room full of rocking chairs. Phemex has promised to unveil a “compensation plan” soon, which sounds suspiciously like a corporate way of saying, “We’ll figure it out eventually.” This hack has outdone the $21 million FortuneWheel exploit on BNB Chain earlier this year, solidifying its place in the annals of crypto history as the largest hack of 2025 to date, according to De.Fi data. 🏆
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2025-01-24 17:34