Report: 77% of digital currencies did not get a cut back in price

Most hacked cryptocurrencies cannot recover their price after exploitation. This is said in the report Immunefi, wrote Cointelegraph.

More than 77.8% of projects attacked by hackers experienced a persistent negative impact on the price of the native coin within six months of the incident.

Meanwhile, 51.1% of these tokens lost more than 50% of their value within six months.

Cryptocurrency price movement after hacking. Data: Cointelegraph.

According to Immunefi founder and CEO Mitchell Amador, hacking protocols suffer most of the damage after the attack:

“Millions lost due to immediate losses lead to even greater losses due to market effects and dependency. [от других проектов]plus the months spent rebuilding your team and an emotionally damaged operation.”

However, some cryptocurrencies become more successful after being hacked. Historically brands with more established teams, which own larger projects, are more resistant to acquisitions, Amador said.

Dog dynamics after gains. Data: Cointelegraph.

“Token recovery includes projects like BNB Chain, SushiSwap, THORChain, Olympus and Hope. “All of them are either large ecosystems in themselves, such as BNB Chain or Optimism, or they are long-term protocols, such as SushiSwap, which have a specific community,” said the researcher.

The expert contributed to that infrastructure CeFi has become the biggest vulnerability that will account for most of the crypto industry’s losses in 2024. Before this, the DeFi sector was considered the main target of hackers.

“Infrastructure compromises tend to be the most damaging hacks in the cryptocurrency world. For example, if a private key is leaked all controlled assets will be stolen,” Amadora said.

Let us remind you that there are invaders in the first half of the year $1.6 billion stolen in cryptocurrencies, after shifting their focus to centralized exchanges, they turned their attention to Chainalysis.

The biggest incident was the hacking of the Japanese platform DMM Bitcoin for $305 million.

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