In a significant decline, crypto hack losses decreased to $98.19 million in January, a sharp drop from $160 million recorded a year earlier, despite a rise in account compromises.
Cybercriminals began 2025 with a series of hacking attempts, yet the total value stolen was lower than in the previous year. January’s losses from security breaches reached $98.19 million, marking a 39% decrease compared to the $160 million reported in January 2024, according to recent data from a blockchain security analysis.
The report documented 40 hacking incidents in January 2025, fewer than the 56 incidents logged during the same month in 2024. The primary methods of these attacks included hot wallet breaches, phishing scams, and vulnerabilities in smart contracts. In contrast, last year’s losses were largely attributed to flash loan attacks, DDoS attacks, and price manipulation schemes.
The most significant attack of January 2025 targeted a prominent crypto exchange, resulting in a loss of approximately $70 million due to a hot wallet breach. Additionally, the former CEO of a crypto platform faced exploitation, with over $7 million lost through a Solana bridge vulnerability.
Phishing scams continued to pose a substantial risk, with reports indicating that over 9,220 victims collectively lost $10.25 million in January alone. Notably, scams involving meme coins emerged, as fraudsters exploited social media platforms to attract investors before absconding with their funds.
Moreover, the rise of fake accounts has intensified, with more than 300 new fraudulent profiles being created daily—double the rate seen in November. Scammers have even taken over well-known accounts to promote fraudulent tokens.
