January 2025 saw a significant increase in crypto hacks, with total losses reaching $73.9 million, as reported by Immunefi. This increase is linked to more incidents and notable attacks on centralized platforms.
Statistics and Losses
Total losses in January amounted to $73.9 million from 19 incidents. This is a ninefold increase from December, but a 44.6% decrease compared to January 2024, when $133.4 million was stolen.
Vulnerable Platforms
The largest loss was incurred by Singapore-based exchange Phemex, which suffered a $69.1 million breach. The hot wallet exploit affected funds in Ethereum, Solana, XRP, and Bitcoin. Analysts link the attack to North Korea.
Targeted Infrastructure
Centralized financial platforms were the main targets of the attacks, accounting for 93.5% of total losses. Decentralized protocols saw 18 attacks but accounted for only 6.5% of stolen funds. The BNB Chain was the most targeted blockchain, responsible for 50% of the losses.
The increase in attacks on cryptocurrency platforms in January 2025 highlights the need for stronger security measures, particularly for centralized platforms, which proved to be the most vulnerable.
