Recent Surge in Cryptocurrency Hacks
In January 2025, cryptocurrency-related hacks led to losses totaling nearly $74 million, a significant increase from the previous month. This surge marked a ninefold rise from December, despite a 45% decrease compared to the same period in January 2024, when losses amounted to $133 million.
Major Incidents
The majority of these losses can be attributed to two major incidents. The first was a hack targeting the Singapore-based exchange Phemex, resulting in a staggering $69.1 million in losses. The second incident involved a breach of the options trading platform Moby Trade, leading to $2.5 million in stolen funds.
Breakdown of Stolen Funds
- Centralized finance (CeFi) platforms accounted for 93.5% of the total stolen funds.
- DeFi protocols represented just 6.5% of the losses across 18 attacks.
Phemex Attack
The attack on Phemex was the most significant crypto security breach of the month, resulting in nearly all CeFi-related losses. While specific details of the breach were not immediately disclosed, the scale of the theft underscored the ongoing risks faced by centralized platforms from sophisticated cybercriminals.
On the other hand, DeFi platforms experienced smaller but more frequent incidents. Notable breaches included an $830,000 loss at Orange Finance and a $554,900 attack on IPC.
Other DeFi Projects Affected
Several other DeFi projects were affected in January, with losses ranging from $43,000 to $330,000. These projects include The Idols NFT, UniLend Finance, Odos, Laura Ai, Pika Infinity, and Sorra.
Focus on BNB Chain
Immunefi’s data revealed a shift in hackers’ focus towards specific blockchain networks. The BNB Chain was the most targeted, accounting for 50% of all crypto-related losses in January across 10 separate attacks. Ethereum followed with six incidents, while Arbitrum and Base recorded two attacks each. The layer-2 network Optimism was hit once.
Improved Security Measures
Despite the increase in total losses from the previous month, January 2025 figures were significantly lower than the same period a year ago. This suggests that improved security measures have been implemented across parts of the industry to better protect against cyber threats.
However, Immunefi’s findings emphasize the ongoing vulnerabilities present in both CeFi and DeFi platforms. It is crucial for the industry to remain vigilant and continuously enhance security measures to combat the evolving tactics of cybercriminals.
