Phemex Crypto Exchange Suffers $85 Million Hot Wallet Breach
On January 23, 2025, at 11:30 UTC, the Phemex crypto exchange detected unusual activity in its hot wallet, leading to a security breach where hackers stole over $85 million worth of cryptocurrency.
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.
Connected intelligence
Signal brief
Follow the organization, likely method and potential impact to explore connected Shadow Tier intelligence.
Organization
- Published
- Jan 23, 2025
- Updated
- Jul 22, 2026
- Confidence
- High
- Evidence
- 5 sources
Structured assessment
Signal analysis
This 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.
Threat source
Watch exposure paths that could affect data, operations or third-party trust.
- Source type: supplier or third-party involvement
Business impact
- Impact area
- Confidentiality
- Likely asset
- User or customer data
Mentioned entities
Quick context
Questions about this signal
What happened in this signal?
On January 23, 2025, at 11:30 UTC, the Phemex crypto exchange detected unusual activity in its hot wallet, leading to a security breach where hackers stole over $85 million worth of cryptocurrency. The initial estimate of stolen crypto was $29 million, which later increased to $69 million by crypto security firm PeckShield, and finally to at least $85 million according to MetaMask's Taylor Monahan. Phemex's CEO, Federico Variola, stated that only hot wallets were impacted, while cold wallets remained secure. The exchange immediately suspended deposits and withdrawals and published proof of reserves. Phemex has since implemented a new, more secure system monitored by its cybersecurity partner, and withdrawals are being gradually restored. Users are advised not to use old deposit addresses and to contact customer support for any pending transactions. The threat actors remain unidentified, though such large-scale crypto heists are often attributed to groups like North Korea's Lazarus group.
When was this signal reported?
Shadow Tier lists Jan 23, 2025 as the signal date.
Which organization is connected to this signal?
Phemex is the organization connected to this public signal.
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