Crypto Industry Losses from Hacks in January Amounted to $74 Million
Date: 2025-01-31 Author: Henry Casey Categories: BUSINESS
According to a report from the Immunefi platform, this figure is nine times higher than the losses recorded in December 2024. However, compared to January last year, when losses exceeded $133 million, the current losses have decreased by 44.6%.
The bulk of the losses were due to two major incidents: the hack of the Phemex cryptocurrency exchange in Singapore, which resulted in the theft of $69.1 million, and an attack on the decentralized platform Moby Trade, which lost $2.5 million. Other notable cases include exploits on platforms such as Orange Finance, IPC, The Idols NFT, UniLend Finance, Odos, Laura Ai, Pika Infinity, and Sorra.
Interestingly, there were no cases of fraud recorded in January. This puts into context the overall trend of an increase in targeted attacks, while fraudulent schemes in the crypto market have slightly decreased.
In terms of vulnerabilities, the BNB Chain was the most attacked this month, suffering 10 exploits, accounting for half of all losses. Ethereum, on the other hand, suffered attacks that resulted in losses amounting to 25% of the total volume. Other blockchains, such as Arbitrum and Base, suffered two exploits each, and Optimism suffered one.
Immunefi, a platform known for its work in the field of blockchain security, has paid out over $112 million to white hat hackers and developers for helping them identify almost 3,000 vulnerabilities. This fact highlights the importance of reward programs for finding and fixing vulnerabilities in crypto protocols, which helps to significantly reduce risks in the crypto industry.
However, January has been a significant month for cryptocurrency markets, where vulnerabilities remain a pressing issue that requires attention from both developers and users.
