Crypto Hacks Jump Ninefold in January: Immunefi
Crypto hacks jumped dramatically in January 2025, with cybercriminals stealing a total of $73.9 million across 19 incidents, according to blockchain security firm Immunefi.
The losses represent a ninefold increase from December 2024, when hackers stole significantly less, but mark a 44.6% decline from January 2024, when total losses reached $133.4 million.
Phemex Breach Accounts for Bulk of Losses
The largest breach this month was $69.1 million on the Singapore-based crypto exchange Phemex. This was made through the hot wallet vulnerability, using which hackers were able to siphon off funds across Ethereum, Solana, XRP, and Bitcoin.
Analysts attributed the attack to North Korea, noting that the stolen stablecoins were immediately exchanged for Ethereum in order to avoid the possibility of issuers freezing them. This has been a common approach by North Korean-linked hacking groups for laundering crypto assets obtained through illicit means.
CeFi vs. DeFi: Centralized Exchanges Hit Hardest
Centralized finance platforms lost 93.5% of total losses, while decentralized finance protocols, despite being targeted in 18 separate attacks, accounted for only 6.5% of stolen funds.
That comes out as a difference in losses, for the most part driven by the heist of Phemex. Remarkably, no losses resulting from fraud came in, basically meaning hacking is the only ground for crypto theft this January.
BNB Chain Leads as Most Targeted Blockchain
The number of affected networks places BNB Chain at the top, since it alone constituted 50% of total losses with 10 separate incidents. Ethereum came second in targeted blockchains, since six breaches alone contributed to 25% of the total amount stolen.
The list of affected networks includes the following:
- Arbitrum – 2
- Base – 2
- Optimism – 1
Growing Concerns Over Crypto Security
Growing Concerns Over Crypto Security
Crypto-related hacks have increased early in 2025, which worsened the current blockchain security concerns. Experts Stress Strengthening Security in CeFi Exchanges as it still remains the primary target of cyber hackers.
Security experts believed multi-layer authentication, offline cold storage of assets, and monitoring for real-time detection of suspicious activities can prevent such an attack. As hackers keep up with the pace, this keeps the crypto world on its toes to ensure that funds remain protected.
