Security incident · 2025-01-23
Phemex
According to the public DefiLlama incident dataset, Phemex (Ethereum, Solana, XRP, Bitcoin, BSC, Sui, Base, Tron, Arbitrum, Avalanche, Polygon, Optimism, zkSync Era) suffered a security incident on 2025-01-23, with about $85.0M reported lost.
| Date | 2025-01-23 |
|---|---|
| Reported loss | $85.0M |
| Chain | Ethereum, Solana, XRP, Bitcoin, BSC, Sui, Base, Tron, Arbitrum, Avalanche, Polygon, Optimism, zkSync Era |
| Target type | CEX |
| Technique class | Key Compromise |
| Technique | Hot Wallet Key Compromised |
| Bridge incident | No |
| Within 2025 | #5 by loss that year, 3.1% of all reported losses that year |
How this kind of attack works
Private keys or signing rights that controlled the funds were stolen, and the attacker moved the money with valid signatures. On chain it looks like a normal transfer.
Would a pre-payment check have helped
Key compromise is a wallet and key-security matter; screening the counterparty or endpoint does not touch it.