Phemex Hack Results in $69.1 Million Loss: Impact on Ethereum, Solana, XRP, and Bitcoin

On January 24th, a recent report from COINOTAG highlighted a significant security breach at the cryptocurrency exchange Phemex, resulting in an estimated loss of approximately $69.1 million. According to PeckShield monitoring, this incident spans across multiple blockchain networks and various digital assets. The attack saw on-chain losses of $20 million in Ethereum, alongside notable losses in other cryptocurrencies. Specifically, the Solana ecosystem faced about $17 million in damages, while XRP sustained losses of $13 million. Further, Bitcoin and BNB Chain reported losses of $5.3 million and $3 million, respectively. Additional affected chains include SUI, BASE, TRX, and ARB, with implications for various stablecoins and major cryptocurrencies such as ETH, SOL, and BTC. This incident highlights the ongoing vulnerabilities within the cryptocurrency sector and the importance of enhanced security measures.