Phemex exchange losses climb to $85 million following a recent hack

The Singapore-based cryptocurrency exchange experienced a breach of its hot wallets on January 23rd. The initial estimate of stolen cryptocurrency was $29 million, but the figure was raised to $73 million on Friday. By Sunday, the estimates rose once more, with MetaMask's Taylor Monahan calculating the value of the stolen crypto to be at least $85 million.

The attack constitutes the largest centralized exchange hack of 2025 so far.