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Highlights
- Phemex crypto exchange CEO Federico Variola has assured that USDT and USDC withdrawals will commence today.
- USDT and USDC withdrawals were suspended when Phemex started investigating the recent breach.
- Crypto hacks had led to losses of $2.24 billion in 2024.
Phemex CEO Federico Variola has assured that withdrawal functions for USDT and USDC will commence shortly. This has given relief to Phemex crypto exchange users who were eagerly waiting for an update. Notably, the hacking incident that Phemex suffered is not a standalone case as many more platforms have reported witnessing malicious attacks on them.
Phemex Crypto Exchange on Resuming Withdrawals
The CEO of the Phemex crypto exchange, Federico Variola, has offered assurance to platform users that the withdrawal function of USDT and USDC will resume today. He has published a post on X to also inform that other services like MemeX will be reinstated around the same time. This comes after he shared an update about testing the system of the Phemex crypto exchange platform. Federico Variola had also said that funds were secure despite the sophistication of the threat actor.
Federico Variola was quick to inform that the team was looking into the hot wallet when the hacking incident came to light. Cold wallets were not impacted by the incident and the same was available for verification on the official website of the Phemex crypto exchange platform.
Why Were USDT and USDC Withdrawals Halted?
The Singapore-based crypto platform was attacked by hackers in an attempt to steal funds worth millions of US Dollars. Phemex swiftly halted withdrawal functions when suspicious activity was flagged by security firms. It is unclear if the funds were stolen or not; however, Phemex and its CEO Federico Variola have assured that the funds are safe.
Phemex has apologized for the inconvenience through an X post and has assured that they are determined to fulfill the mission of offering a seamless and trusted trading environment. Most of the business operations are fine and trading services are operational.
Other Recent Crypto Hack Incidents
Reuters reported in December last year that losses from crypto hacks surged to $2.24 billion in 2024. This represented an increase of 21% from the previous year with the hacking amount surpassing a billion dollar mark for the fourth consecutive year.
One of the top crypto hacks that happened last year relates to TRM Labs. The blockchain intelligence firm lost more than $2.2 billion in crypto hacks.
Experts have highlighted that there is a dire need to counter the proliferation of crypto hacks and fraud. They have further highlighted that the majority of the crypto hacks happened because private keys were compromised. Thereby, giving malicious actors access to their funds.
Chainalysis has said that crypto hacking linked to North Korea has doubled in comparison to 2023. Interestingly, it is speculated that North Korean hackers were behind the attack on the Phemex crypto exchange. Meanwhile, it has been reported that WazirX received Singapore Court approval to repay $235 million to hack victims.
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