Stock market today: S&P 500 rides Apple-led tech rally to close higher
Thursday saw the release of a report by Immunefi, a web3 bug bounty and security services platform, detailing the losses incurred by the crypto industry due to hacking incidents in January 2025.
The industry experienced $73.9 million in losses from 19 different hacking incidents, which marked a dramatic ninefold increase from the previous month. Despite this monthly surge, the losses represented a 44.6% decrease compared to January of the previous year, when losses exceeded $133 million.
The majority of the losses in January were a result of two major security breaches. Phemex, a Singapore-based centralized crypto exchange, suffered the most significant loss, with hackers siphoning off $69.1 million.
Additionally, the DeFi options platform Moby Trade was exploited, resulting in a loss of $2.5 million. Other DeFi platforms such as Orange Finance, IPC, The Idols NFT, UniLend Finance, Odos, Laura Ai, Pika Infinity, and Sorra also faced attacks, though no fraud cases were reported within the month.
BNB Chain emerged as the most targeted network in January, with 50% of the month’s onchain losses attributed to 10 separate attacks. Ethereum was the second most affected, accounting for 25% of the total losses. Other networks, including Arbitrum and Base, experienced two attacks each, while Optimism faced one attack.
Immunefi has notably contributed to the security of the blockchain ecosystem by paying out over $112 million to ethical hackers and researchers over the past three years. These bounties were awarded for more than 3,000 bug bounty reports, with the largest single payout being $10 million for a vulnerability discovered in Wormhole’s cross-chain protocol.
The platform prides itself on hosting the largest blockchain security community, which includes over 45,000 researchers. The efforts of these security experts have purportedly prevented more than $25 billion in potential losses from user funds across various protocols, such as Polygon, Optimism, Chainlink, The Graph, Synthetix, and MakerDAO (Sky).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.