The Singapore-based exchange has made a plethora of announcements regarding its plans for the E.U., the U.S. and Asia.
Crypto exchange Phemex appears to have been the victim of a multi-million exploit on Thursday, according to online reports. Millions worth of USDT, USDC, Ethereum (ETH), and other crypto assets were stolen from the exchange’s hot wallets, resulting in a temporary half of withdrawals. Related Reading: Solana (SOL) To $300 This Month? ‘All Bets Are Off’ Once It Reclaims This Level Phemex Suffers First Crypto Exchange Hack Of 2025 On Thursday morning, the first crypto exchange hack of the year hit the industry. Multiple reports revealed suspicious activity involving Phemex’s hot wallets was taking place over several chains. Blockchain security firm Cyvvers shared on X it had detected multiple transactions to several suspicious wallets on different chains, “including BNB, ETH, OP, POL, BASE, and ARB.” The security firm’s initial report stated that over $29 million worth of crypto had been transferred to the suspicious addresses, later raising the sum. “Upon deeper analysis, it has come to light that both BTC and TRON blockchains have also been impacted, with the estimated total loss now reaching approximately $37 million,” the update read. Cyvvers seemingly identified around 125 suspicious transactions spread across the different blockchains and noted that the attackers had started swapping the tokens to Ethereum (ETH) to avoid potential freezing measures. Meanwhile, on-chain data analysis firm Lookonchain broke down the crypto heist, stating that the hack had taken around $31 million worth of crypto assets. According to the analysis, 3.48 million USDC, 3.42 million USDT, and 841 ETH, worth $2.7 million were drained from the exchange’s hot wallet. Additionally, the attackers took 110,701 LINK, 142 billion PEPE, 1.19 million FET, and 29,509 AVAX, valued at around $7.3 million combined. Lookonchain also listed ONDO, TRX, CRV, JASMY, AAVE, SHIB, GRT, and BRETT, as part of the stolen crypto assets. Compensation Plan In The Works After the news, Phemex CEO Federico Variola confirmed the attack on one of the crypto exchange’s hot wallets. Variola assured users that Phemex’s cold wallets remained safe and that they were investigating the reports. The exchange then announced on X the temporary halt of withdrawals due to the emergency inspection and strengthening of the security measures but did not offer further details about the incident. To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services. We sincerely apologize for the inconvenience. Withdrawals will be restored soon. Phemex and the development team apologize for the disruption. Our mission to provide a seamless and trusted trading environment remains firm. Nonetheless, the post stated that ongoing business operations were fine and that trading services continued as usual. Phemex’s team also revealed they are working on a compensation plan, which will be announced soon. It’s worth noting that, in 2024, the number of hacks and total value lost increased from the year prior. According to Chainalysis data, 2024 was the fourth consecutive year in which the funds stolen from crypto hacks exceeded the billion-dollar mark. Related Reading: Number Of New Trump-Themed Malicious Tokens Spike 206% After Official Memecoin Launch Additionally, the total value stolen surged to $2.2 billion last year, and it became the year with the most individual hacks, reaching 303 incidents by December. Centralized exchanges (CEXs) were the most targeted platforms in Q2 and Q3, recording some of the largest incidents in the industry’s history, while Decentralized finance (DeFi) platforms accounted for the largest share of stolen assets in Q1, like most quarters between 2021 and 2023. Featured Image from Unsplash.com, Chart from TradingView.com
The company's CEO has confirmed that Phemex is "looking into reports" of the hot wallet withdrawals
The increasing popularity of decentralized exchanges and an awareness of centralization risk is raising demand for self-custody, says OKX's President.
A CryptoQuant survey reveals that young, educated and experienced investors dominate the cryptocurrency market, with Binance emerging as the most preferred exchange.
According to Bloomberg, the Bitcoin and Ether options trading platform may be worth up to $5 billion.
A significant portion of FTX repayments will likely be reinvested into cryptocurrencies, thanks to the promising growth prospect of the crypto market for 2025, industry insiders told Cointelegraph.
A UK judge has ordered the seizure of $4.3 million in Bitcoin (BTC) from a British crime lord known as “Don Car-Leone.” The ruling comes after the fugitive failed to prove the crypto holdings weren’t related to criminal activities. Related Reading: Bitcoin ETFs Dominate 2024: Crypto Fund Flows Hit Record $44.2 Billion Inflows – Report […]
HashKey Europe has entered Ireland following its approval for a VASP license under MiCA regulations, enabling various crypto services.
The approval makes Binance the first crypto exchange to have a broker-dealer license in Brazil.
North Korea-linked addresses, said to be possibly testing the exchange for weaknesses, have accrued losses exceeding $700,000, according to one observer.
This year, crypto hacks increased in the total value stolen and the number of attacks compared to last year. According to a recent report, the industry lost over $2 billion in the past 12 months, with over half of the funds allegedly being stolen by North Korean hackers. Related Reading: Morocco’s New Crypto Framework ‘To […]
A well-known cryptocurrency exchange firm might be forced to pay up to $1 billion in damages for delisting a digital currency from its platform. The issuer of Wrapped Bitcoin, Bit Global Digital is suing crypto platform Coinbase for the losses incurred after the digital currency exchange removed its crypto token. Related Reading: Crypto Meets Royalty: […]
The Polish police detained a Russian citizen linked to the now-collapsed WEX exchange for alleged fraud and money laundering. US authorities solicited his extradition for his crypto-related crimes and currently await the completion of the extradition process. Related Reading: ‘Most Horrible’ Crypto Launch? On-Chain Investigator Accuses ‘Hawk Tuah’ Girl Of Memecoin Scam WEX’s ‘Crypto King’ […]
US crypto exchanges like Binance.US and Coinbase are making big moves into memecoins.
India has recovered $14 million in goods and services tax from crypto firms like WazirX, but Binance has yet to pay its $85 million tax evasion liabilities, the minister said.
The cryptocurrency exchange market appears to have undergone a transformative shift in 2024, driven largely by a significant uptick in institutional activity. According to insights shared by CryptoQuant on its QuickTake platform, major exchanges are witnessing unprecedented growth in Bitcoin and USDT deposits. This trend highlights the increasing confidence of institutional investors in digital assets, […]
Japanese cryptocurrency exchange DMM Bitcoin announced its decision to shut down operations following a severe security breach in May that resulted in more than $300 million in losses. The latest report states that the exchange has agreed to transfer its assets to SBI VC Trade, the crypto division of Japan’s financial conglomerate SBI Group. Related […]
After announcing recent moves into stablecoins and native tokens, BitGo is now targeting retail clients.
OKX’s services in Belgium are offered through an EU-regulated entity as the exchange doesn’t have dedicated regulatory approval in the country.
In the latest development of the WazirX crypto heist saga, the Delhi Police detained a man for his alleged connection to the July hack, according to local reports. The $235 million theft left millions of investors empty-handed before the second leg of the bull run and dissatisfied with the hacked exchange’s actions to repay its […]
The election of a pro-crypto President and pro-crypto lawmakers in the United States has brought renewed attention to the crypto markets.
A cryptocurrency exchange called Paribu recently conducted a survey highlighting a notable trend in Turkey: an increasing preference for crypto over traditional investment options such as stocks and real estate. The “2024 Cryptocurrency Awareness and Perception Survey” survey involved interviews with 2,002 individuals familiar with crypto and 541 interviews with those actively trading in the digital asset market. […]
The acquisition will allow Crypto.com’s family of companies to offer stocks and equity options to eligible traders in the United States.
Kraken hinted that its managerial structure would be reformed, without explaining the details.
According to Bitfinex, Bitcoin (BTC) volatility is set to intensify over the next week. A “potent mix” of geopolitical and macroeconomic factors has significantly influenced the flagship crypto’s performance, with anticipation for the outcome of the US election and Q4’s close setting a potential target of $80,000 by year-end. Related Reading: Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next? Bitcoin Volatility About To Reach Its Peak Crypto exchange Bitfinex’s recent report shared that Bitcoin’s price could hit $80,000 by the end of the year due to a convergence of geopolitical uncertainty, macroeconomic factors, seasonality, and the increasing influence of the “Trump Trade.” The report noted that, historically, global macroeconomic trends and geopolitics events influenced BTC’s price. As a result, the largest cryptocurrency by market capitalization has seen its price movements driven by the anticipated US Presidential elections. The potential outcome of the elections, scheduled for next week, has affected Bitcoin’s performance throughout the year. Both presidential candidates have acknowledged the crypto industry, with the Republican candidate Donald Trump becoming the sector’s champion after fully embracing Bitcoin and crypto. Trump’s pro-crypto stance increased the correlation between the Republican candidate’s winning odds and Bitcoin’s trajectory. Moreover, the “Trump Trade” narrative reflects “the market’s view of how BTC will fare dependent on the outcome of the election.” Per the report, this narrative has fueled Bitcoin volatility, with the flagship crypto seeing sharp intra-week corrections before rebounding. Last week, BTC saw a 6.2% pullback toward the $65,000 support zone before reclaiming the $68,000 mark again. Bitfinex analysts consider that this pullback might be the first of several “whipsaw price movements” ahead of the elections, affecting BTC’s short-term price as speculation and volatility increase. Additionally, option premiums and estimated daily volatility for the US stock market and Bitcoin are projected to rise significantly next week. The report noted that BTC volatility will peak between November 6 and November 8, when the Election results are expected to be delivered. Reportedly, the highest implied volatility (IV) is for the November 8 strike price “reaching up to over 100 vol for strike prices over $100,000 for BTC.” BTC Poised To Hit $80,000 In Late December The report noted that Bitcoin has shown strength despite the increasing volatility. The flagship crypto “has remained resilient” and held its ground compared to the September lows, surging around 30% from last month’s drop. Additionally, BTC closed September, which has historically been a challenging month for the cryptocurrency, with a 7.29% increase, the highest closing for the month on record. The crypto exchange’s report predicted that October’s close could be “less impressive” due to the volatility. Nonetheless, Bitfinex analysts suggested that Q4’s historically bullish seasonality will still favor a positive rally for BTC. Market positioning shows that end-of-year options have seen a considerable rise in call open interest over the last few weeks. Related Reading: Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon BTC is expected to continue experiencing higher-than-average volatility and potentially see deep corrections in the coming days. But the market seems poised for a post-election surge above March’s $73,666 all-time high (ATH). Lastly, call options with a December 27 expiry and an $80,000 strike price have seen a steady build-up, suggesting that this target could be in reach by year-end. As of this writing, BTC is trading at $71,197, a $3.4% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
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Kraken’s new blockchain, Ink, will simplify decentralized finance access, offering trading, lending and borrowing services without intermediaries.
Grant Colthu, the former CEO of Australian crypto exchange Mine Digital, appears to be in legal trouble. According to a press release, Colthu is now facing fraud charges for allegedly misappropriating a customer’s $1.47 million (2.2 million AUD). The release revealed that the customer had intended to use the funds to purchase Bitcoin, but the […]