North Korean Hackers Suspected in $70M Phemex Crypto Exchange Exploit

A significant cyberattack on the Singapore-based cryptocurrency exchange Phemex has resulted in the loss of over $70 million in digital assets. Blockchain security experts believe the incident may be linked to North Korean hackers.

The breach was detected on Thursday, prompting Phemex to suspend withdrawals after receiving alerts from security firms about unusual activity. 

Initially, approximately $30 million was reported stolen, but the attack persisted, leading to further asset depletion. The company’s CEO, Federico Variola, confirmed that the exchange’s cold wallets remained intact and unaffected.

According to cybersecurity analysts, the tactics used in this attack resemble previous high-profile exploits targeting crypto exchanges.

The perpetrators swiftly transferred various tokens across multiple blockchain networks, beginning with high-value assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), along with stablecoins like USDC and USDT. Since stablecoins can be frozen, the attackers quickly converted them into Ethereum before moving on to smaller, less liquid tokens. 

Researchers tracking the breach noted that hundreds of different cryptocurrencies were stolen, with attackers draining even minor altcoins. The process was reportedly carried out manually rather than through automated scripts, with assets transferred to fresh addresses before being laundered through additional layers of transactions. Experts believe the

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