Securr describes the Phemex incident as a January 2025 hot-wallet breach that caused at least $37 million in unauthorized withdrawals across multiple blockchain networks. The report says attackers executed more than 125 suspicious transactions on chains including Ethereum, BSC, Polygon, Optimism, Base, and Arbitrum, then funneled assets into an externally owned address and converted funds to Ethereum. The source attributes the failure to weak access controls in Phemex wallet management and cross-chain exposure, without providing DPRK attribution.