Prophex confirms the contained incident; testnet launch schedule unchanged
November 6, 2025 — Prophex, the leading perpetual prediction marketplace, has released a security update following a brief compromise of its official X account on November 1 (UTC). During this short window, three fraudulent messages were posted from the account promoting a counterfeit token. The incident was quickly contained, central systems were not affected and the testnet launch schedule remains unchanged.
Official Channels: The only official website is prophex.io, which is Prophex’s main source of truth for announcements and links. Users should verify the information there before acting on social posts.
Prophex immediately activated its incident response: more than 50 coordinated accounts (internal and agencies) responded under the malicious posts to warn users, alerts were issued on Telegram, and several recovery requests were filed with X. On Tuesday, November 4 (UTC), Prophex locked the account and logged out of all active sessions; the full restore with X remains in progress.
“This was a social engineering attack on a single social account. Our product infrastructure and cash flow were never at risk,” said Alina Dasacula, Head of Compliance at Prophex. “We took immediate action to protect users and strengthened controls across the organization, including FIDO2 security keys, increased multi-factor authentication, and mandatory anti-phishing training. Our testnet launch schedule is unchanged.”
Product Background
Prophex builds a perpetual prediction market: traders can buy or sell event outcomes with up to 10x leverage, enter or exit at any time, and settle instantly when results are verified. A virtual liquidity model and insurance fund are designed to keep markets fair and liquid, while dynamic prices are updated in real time as positions change – without waiting for pools to fill and without fixed odds. The next testnet will showcase these mechanisms on a rotating set of high-intent event markets.
Technical summary of the incident (UTC)
November 1, 7:34 p.m. — Phishing email received
7:45 p.m. — Team member engaged with email
7:48 p.m. — Access to official X account lost; buyout confirmed
8:35 p.m. – First fraudulent message; two subsequent messages followed
November 4 — Account locked; all sessions are disconnected; recovery with X in progress
Scope, containment and escalation: the incident was limited to the social account. No production services, portfolios or internal infrastructure have been impacted. As standard procedure, Prophex rotated credentials, reviewed access logs, and engaged third-party on-chain analysts to review all transactions associated with the fraudulent posts. An unaffiliated third-party account observed in responses during the incident was x.com/maxleebtc; this handle is not associated with Prophex and has been reported to the platform’s moderators. Prophex is in the process of filing a formal filing with the relevant authorities and will cooperate fully with any investigation.
What is unchanged?
Launch: Prophex testnet remains on schedule.
Ticker Clarity: The official Prophex ticker is $PPX. All references to other tickers are not affiliated with Prophex, even some may try to get started with the same. If in doubt and for confirmation, always refer to prophex.io.
About Prophet
Prophex is the first perpetual prediction market, where you can trade outcomes with real leverage instead of making static bets.
Dynamic Quotes — Prices move in real time as traders open long/short positions, just like criminals.
Leverage your conviction – Adjust your judgment with up to 10x leverage at launch.
Fair and Liquid — A virtual liquidity model and insurance fund ensure market security and payment coverage.
Instant Resolution — As soon as the event is resolved, winning positions are paid out and losing positions are liquidated.
No more waiting for the pools to fill up. No more fixed odds. With Prophex, you can enter, exit, or increase your positions at any time: profit early if the market moves in your favor, or hold until resolution for maximum payout.
Be prepared!
x.com/tryprophex
Disclaimer: The information provided in this press release does not constitute an investment solicitation nor is it intended to constitute investment advice, financial advice or trading advice. Investing involves risks, including the potential loss of capital. It is strongly recommended that you perform due diligence, including consulting a professional financial advisor, before investing in or trading cryptocurrencies and securities. Neither the media platform nor the publisher shall be liable for any fraudulent activity, misrepresentation or financial loss arising from the contents of this press release.
