Phemex Hack

REPORTED LOSS $85.0M
High Private Key Compromised (Unknown Method) arbitrum avalanche base bitcoin bsc ethereum optimism polygon solana sui tron xrp zksync era

What happened

Phemex detected unauthorized activity in a hot wallet on 23 January 2025. The exchange suspended deposits and withdrawals, isolated affected devices, and gradually restored services while saying cold-wallet holdings were unaffected.

Technical Root Cause

The operator confirmed a hot-wallet security incident but did not publish a definitive initial-access mechanism. Independent estimates differ, and the precise loss remains unconfirmed.

Case & protocol details

Classification Infrastructure / CeFi / Key Compromise
Protocol Type CEX
Official Website phemex.com/
Protocol Twitter/X @Phemex_official

How it happened

  1. Phemex detected unusual hot-wallet activity at about 11:30 UTC.
  2. It suspended wallet functions and investigated with security firms and law enforcement.
  3. Withdrawals resumed in stages after wallet infrastructure and monitoring controls were upgraded.

Evidence & learning

Attack pattern

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Sources and on-chain records

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