Phemex

Profile narrative

Phemex is a Singapore‑based cryptocurrency exchange that provides a platform for the trading of digital assets such as Bitcoin, Ethereum, Binance Coin and other tokens. The exchange offers spot and derivative trading services to retail and institutional investors worldwide. It states that it serves over five million users across its global customer base. Phemex holds operational approvals to operate in the United States, Canada, Turkey and Lithuania, allowing it to offer its services under local regulatory frameworks in those jurisdictions. The company’s headquarters are located in Singapore, from where it manages its technology infrastructure and compliance functions.

In January 2025 Phemex suffered a suspected cyberattack that prompted the exchange to pause certain operations after blockchain analysts observed large outflows of digital assets. Initial analysis by Cyvers flagged suspicious transactions involving approximately $29 million, while a later assessment by PeckShield confirmed total losses exceeding $69 million across Ether, Bitcoin, Binance Coin and other tokens. The exchange’s CEO announced that withdrawals were being restored manually and that a snapshot of user balances had been taken to facilitate a forthcoming compensation plan. Despite the disruption, Phemex continued to offer trading services and indicated that it was working with security experts to strengthen its defenses. The incident highlighted the platform’s exposure to sophisticated threat actors, with some analysts attributing the attack to groups linked to North Korean cyber operations. These facts outline the scale of Phemex’s user reach, its regulatory footholds in several countries, and a notable security event that affected its operations in early 2025.

Incidents

1 incident linked to this organisation.