According to a recent report by SlowMist, crypto hack losses decreased to $98.19 million in January 2025 from $160 million in the same month the previous year. Despite an increase in account compromises, there were fewer hacking incidents recorded this year compared to last. Hot wallet breaches, phishing scams, and contract vulnerabilities were the main causes of losses this year, while flash loan attacks, DDoS incidents, and price manipulation schemes were more prevalent last year. The largest attack this year was against Phemex, a crypto exchange, resulting in a loss of around $70 million. Phishing scams also remained a significant threat, with over 9,000 victims losing $10.25 million in January alone. Furthermore, fake accounts are on the rise, with scammers taking over legitimate accounts to promote bogus tokens.



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