🌎 Crypto Hack Losses Down 39% in January

Crypto Hacking Incidents Decline in January, but Threats Remain

Crypto hack losses dropped to $98.19 million in January, a 39% decrease from the $160 million reported in the same month last year, according to a recent report by blockchain security firm SlowMist.

Despite the decline in losses, hackers remained active, with 40 hacking incidents reported so far in 2025, down from 56 incidents in January 2024. The main causes of these incidents were hot wallet breaches, phishing scams, and contract vulnerabilities.

Notable Hacking Incidents in January

The largest hacking incident in January was against crypto exchange Phemex, which lost around $70 million worth of crypto due to a hot wallet breach. Another notable breach was against Noones, a Bitcoin marketplace founded by the former CEO of Paxful, which lost over $7 million due to a Solana bridge exploit.

Phishing Scams Remain a Threat

Phishing scams continued to pose a significant threat to crypto investors, with ScamSniffer reporting 9,220 victims who lost a total of $10.25 million in January. Meme coin scams were also prevalent, with bad actors using social media to lure investors before disappearing with their funds.

Fake Accounts on the Rise

Fake accounts are becoming increasingly common, with over 300 new fake accounts emerging daily, twice as many as in November. These fake accounts are being used to push bogus tokens, with scammers even taking over large X accounts to carry out their schemes.

Tips for Crypto Investors to Stay Safe

Be cautious of phishing scams and never click on suspicious links or download attachments from unknown sources.
Use strong passwords and enable two-factor authentication to protect your accounts.
Verify the authenticity of investment opportunities and never invest in unverified projects.
Stay informed about the latest crypto news and trends to stay ahead of potential threats.