January 2025 saw a significant decline in crypto-related security incidents, with losses amounting to $98.19 million compared to $160 million in the same period last year. This marks a 39% reduction, according to a report by blockchain security firm SlowMist, released on February 6.
The report recorded 40 hacking cases so far in 2025, a decrease from the 56 incidents documented in January 2024. Key vulnerabilities included hot wallet exploits, phishing scams, and contract weaknesses. In contrast, last year’s major threats stemmed from flash loan manipulations, DDoS attacks, and price manipulation tactics.
Major Breaches and Scams
The most significant breach this year targeted crypto exchange Phemex, resulting in a $70 million loss due to a compromised hot wallet. Additionally, Noones, a Bitcoin marketplace founded by the former Paxful CEO, suffered a $7 million loss from a Solana bridge exploit.
Phishing scams remain a major concern. According to ScamSniffer, 9,220 individuals collectively lost $10.25 million in January alone. Scam artists leveraged meme coin frauds, using social media to attract investors before making off with their funds.
Growing Threat of Fake Accounts
Impersonation scams are also on the rise, with over 300 fake accounts emerging daily—double the number recorded in November. Notably, scammers have hijacked large X accounts, including those of Yahoo News UK and Lenovo India, to promote fraudulent tokens.
While crypto-related losses have dropped significantly, cyber threats remain an ongoing challenge, particularly for hot wallet security and social engineering attacks.
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