Today, Phemex, a Singapore-based cryptocurrency exchange, suffered a $30 million hack. This hack involved over 16 cryptocurrencies, with USDT and USDC having the highest volume.
According to a statement by Phemex CEO, the team is “looking into reports” of the hack. While he admits that one of their hot wallets had been compromised, he assures them that their cold wallets are safe.
The crypto exchange will temporarily suspend withdrawals for an emergency inspection to ensure security. The company has offered multiple apologies to its users and promises a compensation plan.
In a recent X post, the exchange highlights, “Our mission to provide a seamless and trusted trading environment remains firm. We are working on a compensation plan, which will be announced soon.”
ETH, LINK, PEPE, FET, TRX, AVAX, and ONDO are part of the cryptocurrencies reportedly stolen from the exchange, according to LookOnChain.
The crypto exchange clearly told its users that “business operations are fine, and trading continues as usual.”
Will the Crypto Market See More Hacks in 2025?
Chainalysis states, “In 2024, funds stolen increased by approximately 21.07% year-over-year (YoY) to $2.2 billion, and the number of individual hacking incidents increased from 282 in 2023 to 303 in 2024.”
Chainalysis also reports that over $1 billion in crypto theft has occurred in five years in the past decade, four of which have been in succession from 2021 to 2024.
As crypto rises in adoption, so will the nefarious actors. While many projects constantly upgrade their security systems, crypto hacks could still happen in 2025.
DeFi platforms will be a vast space to watch. Over the years, they have experienced numerous hacks due to unchecked vulnerabilities. Experts believe these hacks occur because developers prioritize rapid growth over tight security.
2025 looks bullish for the global crypto market, more than the last 3 years. The concern for higher hacks in the market would be treated more seriously, as many companies will have much to lose.
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