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Phemex Halts Operations After $69 Million Cyberattack

/ 1 min read

💰🔒 Phemex pauses operations after $69 million cyberattack. Singapore-based cryptocurrency platform Phemex halted some services following a sophisticated cyberattack that resulted in the theft of over $69 million in digital assets, including Ethereum and Bitcoin. CEO Federico Variola announced efforts to restore withdrawals and implement a manual review process for user requests. The attack, attributed to experienced hackers, has raised concerns about North Korean involvement, as similar incidents have plagued other Singaporean platforms recently. Phemex, which has over five million users and operates in multiple countries, is working on a compensation plan for affected customers while assuring that trading services remain unaffected. The incident highlights ongoing vulnerabilities in the cryptocurrency sector amid increasing threats from state-sponsored hacking groups.

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