Cryptocurrency hacks have become a growing concern in the digital asset space, with losses reaching nearly $74 million in January 2025. This marks a significant increase from the previous month, showing a ninefold rise in stolen funds. Despite this spike, there was actually a 45% decrease compared to January 2024, when losses totaled $133 million.
Two major incidents stood out in January, with a $69.1 million hack targeting the Singapore-based exchange Phemex and a $2.5 million breach of the options trading platform Moby Trade. Centralized finance platforms accounted for the majority of the stolen funds, making up 93.5% of the total losses. In contrast, decentralized finance protocols only represented 6.5% of the losses across 18 different attacks.
The attack on Phemex was particularly alarming, as it was the largest crypto security incident of the month and was responsible for most of the centralized finance-related losses. While details about the breach were not immediately disclosed, the scale of the theft highlighted the ongoing risks that centralized platforms face from cybercriminals.
On the other hand, decentralized finance platforms saw smaller but more frequent incidents in January. Notable breaches included losses at Orange Finance, IPC, The Idols NFT, UniLend Finance, Odos, Laura Ai, Pika Infinity, and Sorra, ranging from $43,000 to $330,000.
Immunefi’s data also revealed a shift in hackers’ focus towards specific blockchain networks, with the BNB Chain being the most exploited in January, accounting for 50% of all crypto-related losses across 10 separate attacks. Ethereum followed with six incidents, while Arbitrum and Base recorded two attacks each, and Optimism was hit once.
Despite the increase in total losses month-over-month, January 2025 figures were lower than the previous year, suggesting that security measures within the industry are improving. However, the findings from Immunefi emphasize the ongoing vulnerabilities in both centralized and decentralized finance platforms, as hackers continue to refine their tactics to exploit weaknesses in digital asset platforms.
Overall, the cryptocurrency space remains a target for malicious actors, underscoring the importance of robust security measures and constant vigilance in protecting digital assets.