Crypto Hack Surge in January 2025, Users Losses Top $73.9M: ImmuneFi

2025 has barely begun, and the crypto industry is already struggling with a massive spike in hack incidents. Immunefi, a Web3 security platform, reported that January saw $73.9 million in losses from 19 attacks. 

This is a staggering increase of nine times from the previous month. However, in a silver lining, this figure represents a 44.6% drop compared to January 2024, when losses exceeded $133 million.  

Two Major Crypto Hack Incidents Dominate the Landscape

In January, the crypto industry was hit by hacking incidents, with $73.9 million siphoned off by cybercriminals. 

The most significant blow came from two major attacks. This includes the hack of Phemex, a Singapore-based exchange that lost $69.1 million. 

The breach of the decentralized finance (DeFi) options platform Moby Trade also resulted in a $2.5 million loss. 

These two incidents were the primary culprits behind 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; all suffered varying degrees of loss. Interestingly, no fraud cases were reported this month.

These attacks show that both centralized and decentralized platforms are constantly at risk. Hackers continue to exploit vulnerabilities across different networks.

Targeted Networks: BNB Chain and Ethereum Lead the Way

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’s Role in Crypto Security

While the hacking incidents were alarming, Immunefi, a platform known for its web3 bug bounty and security services, plays a key 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.