Crypto Thefts Decline Year-Over-Year
Although the monthly surge in hacks is concerning, the overall figure marks a 44.6% decline compared to January 2024, when cybercriminals drained more than $133 million from the crypto space.

Most of the stolen funds this month came from two major hacks. On January 23, blockchain security firm Cyvers detected suspicious transactions on Singapore-based crypto exchange Phemex. The attack targeted the company’s hot wallets, initially leading to a $37 million loss. However, before the exchange could patch the vulnerability, hackers managed to loot over $69.1 million.

Related article: Phemex Exchange Suspected of $37 Million Hack
The second-largest attack occurred on Moby Trade, a decentralized finance (DeFi) platform specializing in options trading. Hackers exploited vulnerabilities in the protocol, resulting in a $2.5 million loss.