Singapore-based crypto exchange Phemex has suffered a $70 million hot wallet exploit, resulting in one of the largest crypto hacks of 2025 so far. Blockchain analytics firm PeckShield reported that the hack affected wallets on multiple blockchains, including Ethereum, Solana, XRP, and Bitcoin. The hackers, suspected to have ties to North Korea, quickly converted stolen Tether and USD Coin stablecoins into ETH to avoid blacklisting risks. Phemex CEO Federico Variola assured users that the exchange's cold wallets were unaffected, and withdrawals for USDT, USDC, and BTC were gradually being restored. Phemex is currently working on a compensation plan for affected users.



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