Phemex Crypto Exchange Hacked for $69M, Blames North Korean Hackers

More than $69 million has been stolen from Singaporean cryptocurrency exchange Phemex following a suspected cyberattack on Thursday, which also resulted in operational disruptions, reports The Record, a news site by cybersecurity firm Recorded Future.

Singaporean cryptocurrency exchange Phemex has fallen victim to a suspected cyberattack, leading to the theft of over $69 million and operational disruptions, as reported by The Record, a news site owned by cybersecurity firm Recorded Future.

No further details about the cyber incident have been disclosed, but Phemex, which boasts over five million global users, highlighted its efforts to establish a compensation plan and ensure continued business operations. According to experts interviewed by cryptocurrency news site The Block, the level of sophistication displayed in the attack suggests it could have been carried out by North Korean threat actors, considering their involvement in separate crypto heists targeting fellow Singaporean cryptocurrency platforms BingX and Penpie within the last six months. Earlier this year, the U.S., Japan, and South Korea warned organizations in the cryptocurrency industry about North Korea's persistent attacks against the sector following their major operations against DMM Bitcoin and WazirX last year. Additionally, United Nations experts are investigating dozens of alleged North Korean intrusions against cryptocurrency firms.