Dubai, UAE, Nov. 07, 2025 (GLOBE NEWSWIRE) — Prophex, the first perpetual prediction market, issued a security update following a brief compromise of its official X account on November 1 (UTC). During the short window, three scam posts were published from the account promoting a counterfeit token. The incident was rapidly contained, core systems were unaffected, and the testnet launch timeline remains unchanged.
Official channels: The only official website is prophex.io, which serves as Prophex’s primary source of truth for announcements and links. Users should verify information there before acting on social posts.
Prophex activated its incident response immediately: more than 50 coordinated accounts (internal and agency) replied under the malicious posts to warn users, alerts were issued on Telegram, and multiple recovery requests were filed with X. By Tuesday, November 4 (UTC), Prophex locked the account and signed out all active sessions; full restoration with X remains in progress.
“This was a social-engineering attack on a single social account. Our product infrastructure and treasury were never at risk,” said Alina Dasacula, Head of Compliance at Prophex. “We acted at once to protect users and hardened controls across the organization, including FIDO2 security keys, step-up MFA, and mandatory anti-phishing training. Our testnet launch timeline is unchanged.”
Product context
Prophex is building a perpetual prediction market—traders can go long or short event outcomes with up to 10× 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 pricing updates in real time as positions change—no waiting for pools to fill and no fixed odds. The upcoming testnet will showcase these mechanics across a rotating set of high-intent event markets.
Technical summary of the incident (UTC)
Nov 1, 19:34 — Phishing email received
19:45 — Team member engaged with the email
19:48 — Access to the official X account lost; takeover confirmed
20:35 — First scam post; two subsequent posts followed
Nov 4 — Account locked; all sessions signed out; recovery with X ongoing
Scope, containment & escalation: The incident was confined to the social account. No production services, wallets, or internal infrastructure were impacted. As standard procedure, Prophex rotated credentials, reviewed access logs, and engaged third-party on-chain analysts to examine any transactions associated with the scam posts. A **non-affiliated third-party X account observed in replies during the incident was x.com/maxleebtc; this handle is not associated with Prophex and has been reported to platform moderators. Prophex is in the process of filing a formal case with the relevant authorities and will cooperate fully with any investigation.
What’s unchanged?
Launch: Prophex testnet remains on schedule.
Ticker clarity: Prophex’s official token ticker is $PPX. Any references to other tickers are unaffiliated with Prophex, even some may try to launch with the same. If I’m doubt and for confirmation, always refer to prophex.io.
About Prophex
Prophex is the first perpetual prediction market, where you can trade outcomes with real leverage instead of making static bets.
Dynamic odds — Prices shift in real time as traders open long/short positions, just like perps.
Leverage your conviction — Scale your judgment with up to 10× leverage at launch.
Fair & liquid — A virtual liquidity model and insurance fund keep markets safe and payouts covered.
Instant resolution — As soon as the event resolves, winning positions are paid and losing positions are liquidated.
No more waiting for pools to fill. No more fixed odds. With Prophex, you can enter, exit, or scale positions anytime—profit early if the market swings your way, or hold until resolution for maximum payout.
Be ready!
x.com/tryprophex
Prophex.io
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Investing involves risk, including the potential loss of capital. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.
