Crypto hacking losses dropped to $98.19 million in January, marking a 39% decrease from $160 million in the same month last year, according to new data.
Although hackers were active in the first month of 2025, stealing less than the previous year, the total loss from crypto security breaches amounted to $98.19 million, a drop of nearly 40% from January 2024. A report released on February 6 by blockchain security firm SlowMist outlined 40 hacking incidents in January 2025, fewer than the 56 recorded in the same month the previous year.
The report highlighted that hot wallet breaches, phishing attacks, and contract vulnerabilities were the main causes of the hacking incidents. In contrast, last year saw losses driven by flash loan attacks, DDoS incidents, and price manipulation tactics.
The largest hack of the year so far was a breach of crypto exchange Phemex, which lost approximately $70 million in a hot wallet attack. Other notable breaches included a $7 million loss at the Noones Bitcoin marketplace, following an exploit of the Solana bridge.
Phishing scams also continued to pose a significant threat, with ScamSniffer reporting 9,220 victims who collectively lost $10.25 million in January. Meme coin scams were prevalent, as scammers used social media platforms to attract investors before disappearing with their funds.
Fake accounts have also seen a surge, with over 300 new fraudulent accounts created daily, twice the rate seen in November. Scammers have even begun hijacking well-known social media accounts, including those of Yahoo News UK and Lenovo India, to promote fake tokens.
