Phemex Crypto Exchange faces a loss of $ 70 million after a safety flaw related to North Korean pirates

Phemex, a Singapore cryptocurrency purse, has suffered a major security flaw, losing more than $ 70 million. Piracy sounded the alarm within the crypto community, many designating the North Korean computer hackers as the probable culprits, pursuing a disturbing tendency of cyber attacks in the industry.

The attack began when one of the hot phemex portfolios was compromised, causing a 30 million dollars flight. Unfortunately, the situation has won as more tokens have been stolen, including $ USDC, $ USDT, $ ETH, $ link, $ PEPE, $ FET and $ AVAX. CYVER security companies and Lookonchain followed the activity suspicious and found transactions suggesting a violation.

Stolen active ingredients include large amounts of popular tokens:

• 3.48 million US dollars
• 841 ETH ($ 2.7 million)
• 110,701 link ($ 2.69 million)
• 142 billion pepe ($ 2.12 million)

Phemex takes action

To avoid new losses, Suspended phemex temporarily withdrawals. CEO Federico Variola addressed the problem on X, explaining that the funds came from a hot portfolio, which is the subject of a survey. He reassured the users that cold stock market portfolios are always secure and entirely auditable at any time, thanks to the platform proof system.

“As for cold wallets, they are protected and everyone can check it,” said Variola.

Despite hacking, Phemex continues to offer its trading services and other operations as usual.

Transparency and remuneration plans

Phemex was one of the first scholarships to publish its proofs of reservations and proof of solvency, thus helping to establish confidence with its users. The platform has promised to compensate people affected by hacking and works on a plan to achieve this. More details will soon be shared.

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The North Korean link

Piracy has once again drawn attention to North Korean cybercriminals, in particular the Lazarus group, which has been associated with several highly publicized cryptographic attacks in the past. This attack seems to follow the same scheme, showing that these groups are determined to exploit the weaknesses of the cryptocurrency market to finance their illegal activities.

Phemex is committed to showing transparency and keeping users informed of the continuation of the investigation. The scholarship urges all users to remain vigilant, regularly check their portfolio and negotiate only on trust platforms.

Each violation, the challenges are increasing and the need for stronger defenses becomes more urgent.