A January 2025 Gate Research Institute report details 40 Web3 security incidents, with losses soaring to roughly $87.94 million—a substantial increase from December. Account hacks were the primary culprit, responsible for 52% of the total losses. Notable incidents include hacks of the Phemex exchange, a major vulnerability discovered in NoOnes, and a private key leak at Moby. These events underscore critical risks associated with smart contracts and cross-chain protocols, emphasizing the necessity of more rigorous contract audits, real-time monitoring, and multi-layered security to bolster platform safety and user confidence.