More than $69 million has been stolen from Singaporean cryptocurrency exchange Phemex following a suspected cyberattack on Thursday, which also resulted in operational disruptions, reports The Record, a news site by cybersecurity firm Recorded Future.
Additional details regarding the cyber incident have not been provided but Phemex, which has over five million global users, noted ongoing efforts to establish a compensation plan while emphasizing continued business operations. Such an incident — which comes within six months of separate crypto heists against fellow Singaporean cryptocurrency platforms BingX and Penpie — showcased levels of sophistication that could have only been conducted by North Korean threat actors, according to experts interviewed by cryptocurrency news site The Block. Organizations in the cryptocurrency industry have been recently warned by the U.S., Japan, and South Korea regarding North Korea's persistent attacks against the sector this year following their major operations against DMM Bitcoin and WazirX last year. Moreover, dozens of alleged North Korean intrusions against cryptocurrency firms are still being probed by United Nations experts.
