Crypto kicks off 2025 with $74 million lost to hacks in January: Immunefi

Quick Take

  • The crypto industry lost a further $73.9 million in January due to hacks and exploits, representing a ninefold increase month-over-month, according to Immunefi.
  • However, the amount is down 44.6% compared to the funds lost in January last year.

The crypto industry has kicked off 2025 with $73.9 million in losses due to 19 hacking incidents in January — up ninefold month-over-month — according to the latest report from web3 bug bounty and security services platform Immunefi.

However, the figure also represents a decrease of 44.6% compared to January last year, when registered losses were more than $133 million.

Most of January’s losses stemmed from two specific incidents: a single CeFi hack on the Singapore-based centralized crypto exchange Phemex, which lost $69.1 million, and an exploit of DeFi options platform Moby Trade, which lost $2.5 million.

Attacks on Orange Finance, IPC, The Idols NFT, UniLend Finance, Odos, Laura Ai, Pika Infinity and Sorra made up the remainder of the DeFi losses. No cases of fraud were reported this month.

BNB Chain most targeted

BNB Chain was the most targeted network, accounting for 50% of January's losses onchain, with 10 individual attacks, while Ethereum accounted for 25% of the total. Arbitrum and Base suffered two attacks each, followed by Optimism with a single attack.

Immunefi has paid out more than $112 million in ethical hacker and researcher bounties to date. The payouts span three years and result from over 3,000 bug bounty reports, the largest of which was a $10 million award for a vulnerability discovered in Wormhole’s cross-chain protocol.

Immunefi claims to operate the largest blockchain security community with more than 45,000 researchers, saving over $25 billion in user funds across protocols like Polygon, Optimism, Chainlink, The Graph, Synthetix and MakerDAO (Sky) from being stolen.


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

James Hunt is a reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the latest market updates. You can get in touch with James on Telegram or 𝕏 via @humanjets or email him at [email protected].

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