Cryptocurrency theft has made a stunning comeback, with total losses from scams and exploits reaching a staggering $370.3 million in January 2026, according to data from blockchain security firm CertiK. This marks the highest monthly losses in nearly a year and represents a massive increase from $98 million recorded in January 2025.
Key Trends in Crypto Scams
The report highlights that phishing scams were the biggest contributor, accounting for $311.3 million of the losses. Social engineering scams, which rely on psychological manipulation rather than exploiting technical vulnerabilities, were particularly prominent. In fact, a single victim lost an estimated $284 million in this type of scam.
These scams often involve impersonation and create a sense of urgency or fear to trick users into approving malicious transactions. By capitalizing on user vulnerabilities, scammers demonstrate that user-side security remains a critical concern.
Decentralized Finance Targeted by Exploits
Despite the dominance of phishing, on-chain exploits continued to plague the decentralized finance (DeFi) sector. Notable incidents include the attack on Step Finance, where $28.9 million was stolen, and the Truebit protocol exploit, leading to $26.4 million in losses. Blockchain security firm PeckShield reported a total of 16 hacks in January, amounting to $86.01 million in damages.
Other key exploits include:
- A $13.3 million hack targeting SwapNet on January 26
- A $7 million exploit affecting the Saga blockchain protocol on January 21
These incidents underscore the ongoing vulnerabilities within blockchain infrastructure and highlight the increased pressure on DeFi security protocols.
Why Education and Protection Matter
The rise in scams and exploits emphasizes the importance of better education and protective measures for crypto users. Tools like hardware wallets, two-factor authentication, and phishing detection can significantly reduce risks.
For those looking for added assurance when managing their assets, the Ledger Nano X, a Bluetooth-enabled hardware wallet, is a highly secure option for storing cryptocurrency. Learn more about it on Ledger’s official website.
Global Impact and Future Outlook
The rebound in crypto crime reflects a broader trend of rising illicit activities in the cryptocurrency sector. According to analytics firm Chainalysis, illicit cryptocurrency addresses received a record $154 billion in 2025, underscoring the persistent threat posed by cybercriminals.
Law enforcement agencies have stepped up their efforts, as seen in a recent case involving a Brooklyn resident charged with stealing $16 million in cryptocurrency. However, user awareness and proactive security steps remain the most effective line of defense.
Staying informed about the latest vulnerabilities and adopting secure practices are essential for anyone investing in or trading cryptocurrencies. As the sector continues to evolve, ensuring robust security will remain a top priority.
