Сrypto security breaches down nearly 40%, but hot wallet exploits persist
Crypto hack losses dropped to $98.19 million in January from $160 million a year earlier, despite a rise in account compromises, data reveals.
Hackers had a busy start to 2025, though they stole less than last year. Crypto losses from security incidents hit $98.19 million in January, down 39% from $160 million in the same month of 2024, according to a Feb. 6 research report by blockchain security firm SlowMist.
The report logged 40 hacking incidents which happened so far in 2025, fewer than the 56 recorded in January 2024. Hot wallet breaches, phishing scams, and contract vulnerabilities were the main causes, while last year’s losses came from flash loan attacks, DDoS incidents, and price manipulation schemes.
The biggest attack in this year was against crypto exchange Phemex, which lost around $70 million worth of crypto due to a hot wallet breach. Other breaches included Ex-Paxful CEO’s Bitcoin marketplace Noones, which lost over $7 million due to a Solana bridge exploit.
Phishing scams also remained a big threat as ScamSniffer earlier reported that 9,220 victims lost a total of $10.25 million in January. Meme coin scams played a role, with bad actors using social media to lure investors before vanishing with funds.
Meanwhile, fake accounts are also popping up — over 300 a day, twice as many as in November. As crypto.news reported earlier, scammers are even taking over big X accounts like Yahoo News UK and Lenovo India to push bogus tokens.
