Crypto Hacks Surge: $73.9M Lost in January

Crypto hacks surged in January 2025, with users suffering losses totaling $73.9 million, according to ImmuneFi, a Web3 security platform. This figure represents a ninefold increase from the previous month but a 44.6% decrease compared to January 2024.

Two major crypto hacks dominated the landscape in January. The most significant was the hack of Phemex, a Singapore-based exchange, which resulted in a loss of $69.1 million. The decentralized finance (DeFi) options platform Moby Trade also fell victim to a hack, leading to a $2.5 million loss. These two incidents were the primary contributors to the monthly loss total.

Other affected platforms included Orange Finance, IPC, The Idols NFT, UniLend Finance, Odos, Laura Ai, Pika Infinity, and Sorra. These hacks contributed to the remaining DeFi losses, with varying degrees of loss experienced by each platform. Notably, no fraud cases were reported in January.

The BNB Chain was the most targeted, accounting for 50% of the total on-chain losses. Ethereum followed closely, with 25% of the total losses tied to exploits on its network. Other networks, such as Arbitrum, Base, and Optimism, also faced breaches, but these were fewer in number, with just a couple of attacks on each.

Immunefi, a platform known for its web3 bug bounty and security services, plays a crucial role in combating these threats. The company has paid over $100 million in bounties to ethical hackers, helping to identify and fix vulnerabilities before malicious actors can exploit them. Immunefi boasts the largest blockchain security community, with more than 45,000 researchers. Over the past three years, its efforts have saved over $25 billion from potential theft, covering protocols like Polygon, Synthetix, and MakerDAO.