Crypto Stolen Skyrockets to $370M in January, Quadrupling in a Shocking Security Crisis

A staggering $370.3 million in cryptocurrency vanished into the hands of attackers in January 2026, marking the highest monthly theft figure in nearly a year and signaling a severe escalation in digital asset security threats, according to a new report from blockchain security firm CertiK. This alarming total represents a nearly fourfold increase compared to January 2025 and underscores a persistent vulnerability within the crypto ecosystem, primarily driven by sophisticated social engineering attacks.

Crypto Stolen Figures Reveal a Disturbing Trend

CertiK’s data, published on February 1, 2026, paints a concerning picture for the new year. The $370.3 million lost in January is a 214% surge from December 2025’s $117.8 million. Furthermore, it represents a 277% year-on-year increase from the $98 million reported stolen in January 2025. Consequently, this establishes January 2026 as the worst month for crypto theft since February 2025, when exploits netted attackers approximately $1.5 billion, largely due to the massive Bybit exchange hack.

The security landscape was dominated by a single, catastrophic incident. A majority of the stolen value—approximately $284 million—came from one victim of a social engineering scam. This incident single-handedly shifted the monthly statistics, highlighting how targeted attacks on individuals or entities with large holdings can distort the broader security narrative. Overall, phishing scams were responsible for a colossal $311.3 million of the total losses, demonstrating that human error and deception remain the weakest links in the security chain.

Breaking Down the Major January Crypto Exploits

While the massive phishing incident captured headlines, several significant protocol exploits contributed to the grim total. Security company PeckShield provided additional analysis, identifying 16 major hacks in January that resulted in $86.01 million in losses. Interestingly, this figure shows a 1.42% decrease from the same period a year ago but a more than 13% increase from December 2025.

The largest protocol hack of the month targeted Step Finance, a decentralized finance (DeFi) portfolio tracker on the Solana blockchain. On January 31, attackers compromised several treasury wallets, making off with around $28.9 million worth of Solana (SOL). This incident immediately raised questions about multi-signature wallet security and treasury management practices within DeFi projects.

Subsequently, the Truebit protocol suffered a $26.4 million exploit on January 8. Attackers exploited a flaw in a smart contract that allowed them to mint TRU tokens at a negligible cost. This manipulation crashed the token’s price, devastating liquidity and investor confidence. Other notable incidents included a $13.3 million hack on liquidity provider SwapNet and a $7 million exploit against the Saga blockchain protocol.

The Evolving Threat of Social Engineering and Phishing

The data unequivocally shows that phishing and social engineering have become the primary vectors for large-scale crypto theft. Unlike complex code exploits, these attacks target human psychology. Security experts consistently warn that as on-chain security improves, attackers pivot to manipulating individuals with access to funds. The $284 million phishing loss in January likely involved a sophisticated, targeted campaign, possibly using impersonation (like fake executives or support staff) to trick a victim into authorizing a malicious transaction.

This trend demands a paradigm shift in security focus. While auditing smart contracts remains critical, the industry must equally prioritize:

• Comprehensive security training for team members managing treasuries.
• Strict operational security (OpSec) protocols for transaction approvals.
• Wider adoption of hardware wallets and multi-factor authentication for all high-value accounts.
• Public education campaigns to help users identify sophisticated scams.

Historical Context and the Road Ahead for Crypto Security

To understand the significance of January’s figures, one must examine the recent history of crypto theft. The monumental $1.5 billion loss in February 2025, primarily from the Bybit exchange hack, served as a wake-up call for the entire industry. In response, exchanges and protocols significantly ramped up security spending throughout 2025. However, January 2026’s spike suggests that attackers have successfully adapted their tactics, finding new vulnerabilities or doubling down on social engineering.

The mixed data from PeckShield—showing a yearly decrease in hack volume but a monthly increase—indicates a bifurcated landscape. Smaller, more frequent protocol exploits persist, but the overwhelming financial damage now comes from a smaller number of highly successful phishing operations. This presents a complex challenge for security firms and project teams who must defend against both technical and psychological attacks.

Looking forward, the industry’s response will be crucial. We can expect several developments:

• Enhanced insurance products for protocols and custodians.
• More robust on-chain monitoring and anomaly detection systems.
• Greater regulatory scrutiny on security practices, especially for entities holding user funds.
• Collaborative intelligence sharing among security firms to track and blacklist attacker addresses faster.

Conclusion

The report of $370 million in crypto stolen in January 2026 is a stark reminder that digital asset security is a continuous battle. While technical exploits remain a serious threat, the overwhelming financial impact now stems from sophisticated social engineering and phishing scams. This shift necessitates a dual-focused defense strategy that hardens code while also educating and protecting individuals. As the total value locked in blockchain ecosystems grows, the incentive for attackers will only increase. Therefore, the industry’s commitment to proactive, adaptive, and comprehensive security measures will ultimately determine its resilience and long-term trustworthiness.

FAQs

Q1: What was the main cause of the $370M in crypto stolen in January 2026?
A1: The majority of the value, approximately $284 million, was lost in a single, massive phishing or social engineering scam. This highlights a shift from pure code exploits to attacks that manipulate human behavior as the primary threat for large-scale theft.

Q2: How does January 2026 compare to previous months for cryptocurrency theft?
A2: January’s $370.3 million total is the highest monthly figure in 11 months, since February 2025. It represents a 214% increase from December 2025 and a nearly 277% increase from January 2025, indicating a significant and worrying escalation.

Q3: Which specific protocol hacks were the largest in January besides the phishing incident?
A3: According to PeckShield, the largest protocol hack was the $28.9 million exploit of Step Finance on Solana. The second largest was a $26.4 million smart contract exploit on the Truebit protocol, which allowed an attacker to mint tokens cheaply and crash the price.

Q4: What is social engineering in the context of crypto security?
A4: Social engineering involves manipulating people into breaking normal security procedures. In crypto, this often means tricking an individual with wallet access into revealing private keys, seed phrases, or authorizing malicious transactions through impersonation, fake websites, or deceptive communications.

Q5: What can users and projects do to protect against these types of threats?
A5: Key protections include: using hardware wallets for substantial funds, enabling all available multi-factor authentication, never sharing seed phrases, verifying all communication channels, conducting regular security training for teams, and employing audited, time-locked multi-signature wallets for project treasuries.