Hackers steal $85 million worth of cryptocurrency from Phemex

Phemex, a cryptocurrency exchange, suffered a hot-wallet compromise on January 23, 2025 that resulted in an estimated $85 million theft; the exchange suspended deposits/withdrawals, isolated affected devices, engaged third-party security and law enforcement, and has been gradually restoring withdrawals while warning users about old deposit addresses. Attribution remains unconfirmed though the report mentions North Korean-linked actors as a common threat in large crypto heists.