Crypto Industry Suffers $73.9 Million in Hacking Losses in January 2025

Crypto Hacking Incidents Surge in January 2025

The crypto industry faced a dramatic surge in hacking incidents in January 2025, with total losses reaching $73.9 million across 19 separate attacks. This represents a ninefold increase compared to the previous month. However, the figure is 44.6% lower than the $133 million lost in January 2024, indicating a long-term improvement in security measures.

Major Security Breaches

The majority of the losses stem from two significant breaches. Phemex, a Singapore-based centralized exchange, suffered the largest loss at $69.1 million. Additionally, the DeFi options platform Moby Trade was exploited for $2.5 million. Other DeFi platforms, including Orange Finance, IPC, The Idols NFT, UniLend Finance, Odos, Laura Ai, Pika Infinity, and Sorra, also experienced attacks, though no fraud cases were reported during the month.

Targeted Blockchain Networks

BNB Chain was the most targeted network, accounting for 50% of the month's on-chain losses through 10 separate attacks. Ethereum followed, contributing 25% of the total losses. Other networks, such as Arbitrum and Base, each experienced two attacks, while Optimism faced one incident.

Immunefi's Role in Blockchain Security

Immunefi, a leading web3 bug bounty and security services platform, has played a crucial role in enhancing blockchain security. Over the past three years, the platform has paid out over $112 million to ethical hackers and researchers for more than 3,000 bug bounty reports. The largest payout was $10 million for a vulnerability discovered in Wormhole’s cross-chain protocol.

Preventing Potential Losses

Immunefi's efforts, supported by a community of over 45,000 security researchers, have reportedly prevented more than $25 billion in potential losses across various protocols, including Polygon, Optimism, Chainlink, The Graph, Synthetix, and MakerDAO (Sky). These contributions underscore the importance of ethical hacking and bug bounty programs in safeguarding the blockchain ecosystem.