Bad actors steal $80 million in January, CEXs hit hardest
Cryptocurrency-related hacks resulted in nearly $74 million in losses in January 2025, marking a staggering ninefold increase from December, according to a new report from Immunefi.
The sharp rise came despite a nearly 45% year-over-year decline compared to January 2024, when losses totaled $133 million.
The bulk of the losses stemmed from two major incidents: a $69.1 million hack targeting Singapore-based exchange Phemex and a $2.5 million breach of options trading platform Moby Trade.
Centralized finance (CeFi) platforms accounted for 93.5% of the total stolen funds, while DeFi protocols represented just 6.5% of the losses across 18 attacks.
Phemex attack
The attack on Phemex was the largest crypto security incident of the month and was responsible for nearly all CeFi-related losses.
While the exchange did not immediately disclose details about the breach, the sheer scale of the theft underscored the risks centralized platforms continue to face from sophisticated cybercriminals.
By contrast, DeFi platforms saw relatively smaller but more frequent incidents, with notable breaches, including an $830,000 loss at Orange Finance and a $554,900 attack on IPC.
Other DeFi projects affected in January included The Idols NFT, UniLend Finance, Odos, Laura Ai, Pika Infinity, and Sorra, each suffering losses ranging from $43,000 to $330,000.
BNB Chain top target
Immunefis data also highlighted a shift in hackers focus toward specific blockchain networks. The BNB Chain was the most exploited, 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.
Despite the month-over-month spike in total losses, January 2025s figures were significantly lower than a year prior, suggesting improved security measures across parts of the industry.
Immunefis findings reinforce the ongoing vulnerabilities in both CeFi and DeFi, particularly as hackers continue to refine their tactics to exploit weaknesses in digital asset platforms.
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