Phemex detected unusual activity in a hot wallet on January 23, 2025, and temporarily suspended deposits and withdrawals while responding to the incident. Loss estimates rose from $29 million to at least $85 million in reports over the following days, but Immunefi’s January tally put Phemex’s losses at $69.1 million. The figures differ by source and accounting period; $85 million is not an agreed final total.
When did the Phemex hack happen?
Phemex says it detected unusual hot-wallet activity at 11:30 UTC on January 23, 2025. In its official incident timeline, the exchange says it activated its emergency response, suspended related functions, isolated affected devices, and notified third-party security firms and law enforcement. The available reporting does not establish how the wallets or devices were compromised.
How much cryptocurrency was stolen?
Estimates changed as the incident was assessed. BleepingComputer’s January 27, 2025 report described an initial $29 million estimate, a subsequent $69 million estimate from PeckShield, and an estimate of at least $85 million by Taylor Monahan. These were estimates reported at different points, not one independently confirmed final accounting.
| Figure | Attribution and context |
|---|---|
| $29 million | Initial estimate described by BleepingComputer on January 27, 2025. |
| $69 million | PeckShield estimate reported by BleepingComputer on January 27, 2025. |
| At least $85 million | Taylor Monahan estimate reported by BleepingComputer on January 27, 2025; this is the upper contemporary estimate reflected in headlines. |
| $69.1 million | Immunefi’s amount for Phemex in its January 2025 crypto-loss report, a month-level compilation based on publicly available information it reviewed, validated, and classified—not a final exchange audit. |
Immunefi reported $73,915,700 in total losses across 19 hacking incidents in January 2025 and attributed 93.5% of that month’s losses to centralized finance (CeFi). Those are January-wide figures, not additional Phemex losses. Read Immunefi’s January 2025 report.
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BleepingComputer’s January 27 account reported that the exchange’s CEO, Federico Variola, said hot wallets were affected while cold wallets remained safe. That is an attributed company statement, not independent verification in the cited coverage. The reviewed sources do not name a perpetrator.
Were Phemex cold wallets affected?
Phemex’s CEO said cold wallets remained safe, according to BleepingComputer. Treat that as the company’s account: the cited reporting does not independently verify it or provide a final audit of the incident’s scope.
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Are Phemex withdrawals back?
Phemex restored withdrawals in stages after suspending them. Its timeline records the following resumptions, all in UTC:
| Date and time | Withdrawal service restored |
|---|---|
| January 24, 2025, 17:46 | Manual ETH, USDT, and USDC withdrawals on Ethereum. |
| January 25, 2025, 20:03 | BTC withdrawals. |
| January 25, 2025, 23:36 | Solana withdrawals. |
| January 26, 2025, 12:25 | Withdrawals for Arbitrum, Optimism, BNB Chain, Polygon, and Base. |
A February 2025 note on the Phemex timeline says all withdrawal services had been restored. The notice also warns that deposits sent to old addresses might need manual review and advises users to stop using old deposit addresses.
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- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
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What remains unconfirmed?
The cited sources do not establish the exact compromise mechanism, a final independently audited loss, whether every customer balance was made whole, or the identity of the attacker. The reported estimates and Phemex’s service-restoration timeline answer different questions: one tracks evolving loss assessments, while the other records the exchange’s operational response.
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