This is probably the first exchange hack reported this year. I’m not too familiar with the exchange, but after doing a quick research, it turns out to be a Singapore-based platform operating globally, which means they likely have a large user base.
According to the OP, they lost almost $100 million, which is about the same as their average daily trading volume, so that checks out. I guess this is a learning experience for them to improve their security. As long as users aren’t the ones paying for the losses, this shouldn’t damage their reputation too much.
Topic: Phemex Exchange hacked - page 2. (Read 193 times)
A big exchange with over **$100 million** in daily trading volume, according to https://coinmarketcap.com/exchanges/phemex/).
If they only lost $85 millio, I think they’ll be able to recover and continue operations. These days, when an exchange gets hacked but manages to bounce back, it can actually strengthen its reputation. Of course, no one wants an exchange to get hacked, but if they survive this, it might even boost customer confidence.
Remember, even Binance, one of the biggest exchanges, has been hacked before, so this isn’t anything new.
If they only lost $85 millio, I think they’ll be able to recover and continue operations. These days, when an exchange gets hacked but manages to bounce back, it can actually strengthen its reputation. Of course, no one wants an exchange to get hacked, but if they survive this, it might even boost customer confidence.
Remember, even Binance, one of the biggest exchanges, has been hacked before, so this isn’t anything new.
Security flaws everywhere. The "trading services continue as usual" annoys me the most with these centralised exchanges, how can I proudly continue trading when I know I will not be able to withdraw my money?
Well, I don't go near these lowly rated exchanges, I believe the risk is too high for me. Who knows if all these are planned work like some others did in the past? I can only wish the intending victim well at this point.
Well, I don't go near these lowly rated exchanges, I believe the risk is too high for me. Who knows if all these are planned work like some others did in the past? I can only wish the intending victim well at this point.
https://x.com/Phemex_official/status/1882417902038749317
I'm not sure if this has been discussed already, but another exchange has been hacked recently (https://phemex.com/announcements/phemex-hot-wallet-security-incident-update-and-timeline).
And it is said that they have lost $85 million from the said hacks.
So another obvious reasons to get out your funds from crypto exchanges and store it in the wallet that you have total control.
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