Immunefi reports a ninefold rise in crypto hacks, with centralized platforms suffering the biggest losses in January 2025.
Crypto Hacks See Sharp Increase
January 2025 saw a significant surge in crypto-related hacks, with total losses reaching $73.9 million across 19 incidents, according to Immunefi. This marked a ninefold rise from December, though losses were 44.6% lower than January 2024.
Phemex Attack Drives Major Losses
Singapore-based exchange Phemex suffered the largest breach, losing $69.1 million. Hackers exploited its hot wallet, siphoning funds across Ethereum, Solana, XRP, and Bitcoin.
North Korea’s Alleged Involvement
Analysts linked the Phemex attack to North Korea, noting that the stolen stablecoins were rapidly converted into Ethereum to evade blacklisting.
CeFi Takes the Biggest Hit
Centralized finance platforms accounted for 93.5% of total losses, while DeFi protocols saw 18 attacks but lost only 6.5% of stolen funds. The Phemex breach contributed heavily to the disparity.
BNB Chain Most Targeted Network
BNB Chain recorded the most attacks in January, accounting for 50% of total losses with 10 breaches. Ethereum followed with six incidents, making up 25% of reported losses.
Other Networks Affected
Arbitrum and Base each suffered two attacks, while Optimism saw a single breach. Fraud was not a factor in any reported incidents, with hacking being the sole cause of theft.
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