North Korea may be responsible for breach of the Phemex crypto exchange, US$70mn losses

North Korean hackers may be responsible for the multi-million-dollar breach of the Phemex crypto exchange, according to several blockchain security experts.

The Singapore-based platform was hacked on Thursday, resulting in losses exceeding $70 million across multiple cryptocurrencies.

Phemex suspended withdrawals earlier that day after security firms flagged suspicious activity. Initially, $30 million had been drained, but the attack appeared to continue, leading to further token losses.

Phemex CEO Federico Variola addressed the situation on X, stating that while the exchange was investigating a compromise in one of its hot wallets, its cold wallets remained secure and verifiable, promising further updates soon.

This article was written by Eamonn Sheridan at www.forexlive.com.