Phemex Crypto Exchange Suffers $85 Million Hot Wallet Breach
The Phemex cryptocurrency exchange experienced a significant security breach on January 23, 2025, at 11:30 UTC. Threat actors stole over $85 million worth of cryptocurrency from the platform's hot wallets. Phemex detected unusual activity and immediately suspended deposits and withdrawals, activating its emergency response mechanism. The incident was attributed to a sophisticated access control exploit, with funds manually drained across multiple blockchains and quickly swapped for other assets to bypass blacklisting.
Signal context
First seen: Jan 23, 2025
Last updated: Jul 1, 2026
Status: Public signal
Key points
- Security breach detected on January 23, 2025, at 11:30 UTC.
- Over $85 million in cryptocurrency stolen from hot wallets.
- Deposits and withdrawals immediately suspended.
Signal analysis
BetaThis analysis groups the signal by industry, likely incident action and impacted security area. It helps compare this signal with other published signals without treating the labels as final determinations.
Sector: Information
Likely country: Location not provided
Watch internet-facing systems, credential abuse and exploit activity.
- Source type: outside the affected organization
Impact area: Confidentiality
- 23 signals in the same sector
- 86 signals with the same likely impact area
- 1 signal linked to this organization/domain
External sources
Hackers steal $85 million worth of cryptocurrency from Phemex - Bleeping Computerhttps://www.bleepingcomputer.com/news/security/hackers-steal-85-million-worth-of-cryptocurrency-from-phemex/Public source from bleepingcomputer.com.
January 2025 Data Breaches [LIST] - Pomeriumhttps://www.pomerium.com/blog/january-2025-data-breaches-listPublic source from pomerium.com.
Explained: The Phemex Hack (January 2025) - Halbornhttps://www.halborn.com/blog/explained-the-phemex-hack-january-2025Public source from halborn.com.
Phemex Exchange Loses Over $30M Due Access Control Attack | CER.live Bloghttps://cer.live/blog/phemex-exchange-hack-jan2025Public source from cer.live.
Hackers Drain Over $85 Million From Crypto Exchange Phemex - SecurityWeekhttps://www.securityweek.com/hackers-drain-over-85-million-from-crypto-exchange-phemex/Public source from securityweek.com.
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