AVAX Transferred by Phemex Hacker: Analyzing the $600,000 Move Amid $69.1 Million Loss

On February 17th, COINOTAG News reported a significant development in the ongoing saga surrounding the cryptocurrency exchange Phemex. According to surveillance conducted by PeckShield, the perpetrator behind the hack has moved a substantial 24,000 AVAX tokens, valued at roughly $600,000, to a newly established wallet. This movement highlights the continued financial implications of the breach that occurred earlier. In January, PeckShield estimated that Phemex suffered an approximate loss of $69.1 million due to this cyberattack, with the incident affecting multiple blockchain networks and various digital currencies. As the cryptocurrency ecosystem grapples with vulnerabilities, exchanges must bolster their security measures to safeguard investor assets effectively.