Phemex has undergone a massive security flaw which led to the theft of assets worth more than $ 70 million (56 million pounds sterling). Stolen popular tokens include 841 ETH ($ 2.7 million)
The exchange of cryptocurrency based in Singapore, Phemex, underwent a massive violation, losing more than $ 70 million (56 million pounds sterling) and north Korean IT can be responsible for it, according to several safety experts Blockchain.
The attack began when one of the hot phemex portfolios was compromised, which led to a flight of $ 30 million (24 million pounds sterling). Things have worsened when more token was stolen, including $ ETH, $ pepe, $ fet, $ avax, $ USDT, $ USDC and $ link, reports Coinpedia.
Lookonchain and Cyvers were two cryptographic security companies that followed suspicious activities and found harmful transactions indicating a violation. According to CoindeskCyvers reported “several suspicious transactions” of the hot Phemex portfolio on several blockchains. The funds were then exchanged for ether (ETH).
Significant quantities of popular tokens were among the stolen assets, in particular 841 ETH ($ 2.7 million), 142 billion pepe ($ 2.12 million), 3.48 million USDC and 110,701 Link (2 , $ 69 million).
Phemex acts
Phemex then took measures to avoid new losses and temporarily suspended withdrawals on its platform.
The CEO of Phemex, Federico Variola, went to the social network X and assured the users that the cold stock market portfolios were always secure, verifiable and fully auditable at any time, thanks to the proof of reserves system of the platform. He then specified that the funds had been stolen in a hot portfolio which was currently the subject of a survey.
The cryptocurrency exchange platform has also promised to compensate all people affected by hacking and is developing an emergency plan, the details of which should soon be shared.
Despite the violation, Phemex continued to offer its trading services and other operations as usual.
North Korean links
With this hacking, attention has once again turned to North Korean cybercriminals, in particular the Lazarus group, which had already been associated with several highly publicized cryptographic attacks.
The Phemex flaw seems to follow the same scheme as that used during previous security hacks, demonstrating that these groups are determined to exploit the weaknesses of the cryptocurrency market in order to finance their illegal activities.
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