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 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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