{"id":16332,"date":"2024-08-22T19:40:40","date_gmt":"2024-08-22T16:40:40","guid":{"rendered":"https:\/\/forklog.com\/en\/report-77-of-hacked-cryptocurrencies-fail-to-recover-in-value\/"},"modified":"2024-08-22T19:40:40","modified_gmt":"2024-08-22T16:40:40","slug":"report-77-of-hacked-cryptocurrencies-fail-to-recover-in-value","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/report-77-of-hacked-cryptocurrencies-fail-to-recover-in-value\/","title":{"rendered":"Report: 77% of Hacked Cryptocurrencies Fail to Recover in Value"},"content":{"rendered":"

Most hacked cryptocurrencies struggle to regain their value post-exploit, according to a report by Immunefi, as reported by Cointelegraph<\/a>.<\/p>\n

Over 77.8% of projects attacked by hackers experienced a sustained negative impact on the price of their native coins for six months following the incident.<\/p>\n

Moreover, 51.1% of such tokens lost more than 50% of their value within half a year.<\/p>\n

\"Report:
Cryptocurrency price deviation post-hack. Source: Cointelegraph.<\/figcaption><\/figure>\n

According to Mitchell Amador, founder and CEO of Immunefi, hacked protocols bear the brunt of the damage even after the attack:<\/p>\n

\n

\u201cMillions lost due to a hack immediately lead to even greater losses caused by market impact and dependency [on other projects], as well as many months spent recovering your emotionally shattered team and operational activities.\u201d<\/p>\n<\/blockquote>\n

However, some cryptocurrencies become more successful after a hack. Amador notes that tokens with more established teams, belonging to large projects, are historically more resilient to exploits.<\/p>\n

\"Report:
Token dynamics post-exploit. Source: Cointelegraph.<\/figcaption><\/figure>\n
\n

\u201cRecovered tokens include projects like BNB Chain, SushiSwap, THORChain, Olympus, and Optimism. All of them are either huge ecosystems themselves, like BNB Chain or Optimism, or are long-standing protocols, such as SushiSwap, which have a dedicated community,\u201d the researcher emphasized.<\/p>\n<\/blockquote>\n

The expert added that CeFi<\/span> infrastructure has become the biggest vulnerability, likely to account for the majority of crypto industry losses in 2024. Previously, hackers primarily targeted the DeFi segment.<\/p>\n

\n

\u201cInfrastructure compromises are generally the most devastating hacks in the crypto world. For instance, a private key leak will lead to the theft of all controlled funds,\u201d Amador added.<\/p>\n<\/blockquote>\n

Earlier in the year, Chainalysis noted that in the first half of the year, attackers stole $1.6 billion in cryptocurrencies, shifting their focus to centralized exchanges.<\/p>\n

The largest incident was the hack of the Japanese platform DMM Bitcoin for $305 million<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Most hacked cryptocurrencies struggle to regain their value post-exploit, according to a report by Immunefi, as reported by Cointelegraph. Over 77.8% of projects attacked by hackers experienced a sustained negative impact on the price of their native coins for six months following the incident. Moreover, 51.1% of such tokens lost more than 50% of their […]<\/p>\n","protected":false},"author":1,"featured_media":16331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,1252,596],"class_list":["post-16332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-reports","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"49","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16332"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16332\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16331"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}