Immunefi, the blockchain cybersecurity platform protecting over $190 billion in assets, has just released its Hacks & Token Prices Report, which is said to be the most comprehensive overview of the impact of hacks on the prices of protocols’ native tokens.
This research report from Immunefi provides key industry insights focused on the blockchain and crypto sector.
As noted in an update shared with CI, from a sample of 176 hacking incidents between 2021 and 2023 (selected from key hacked projects that had native tokens), the team reviewed the price of “the hacked protocols’ native tokens on the day of the hack, two days later, five days later, one month later, three months later and six months later.”
The research reveals the market impact of a hack “persists and intensifies over time, continuing for at least six months after the incident.”
Some key takeaways:
- In total, 79.5% of hacked tokens suffered ongoing negative price impact two days after the hack. Specifically, 16.5% of hacked tokens suffered ongoing price declines of more than 50% two days after the hack.
- In total, 73.3% of hacked tokens suffered ongoing negative price impact one month after the hack. Specifically, 34.1% of hacked tokens suffered ongoing price declines of more than 50% one month after the hack.
- In total, 77.8% of hacked tokens suffered ongoing negative price impact six months after the hack. Specifically, 51.1% of hacked tokens suffered ongoing price declines of more than 50% six months after the hack.
Mitchell Amador, Founder and CEO of Immunefi said:
“Getting hacked is the beginning of the damage, not the end. The millions lost to the hack immediately anticipate even larger losses, caused by market impact and dependency impact, alongside many months of lost time spent rebuilding your emotionally shattered team and operations.”
Separately, the team has also launched “a dedicated platform in tandem with the report, providing ongoing data on the real financial impact of crypto hacks.”
Immunefi claims that it “operates the biggest community of blockchain security researchers and has paid out the largest vulnerability rewards in the software industry, amounting to over $100 million.”
Since its inception, Immunefi has reportedly saved “over $25 billion from being stolen and is trusted by established, multi-billion dollar projects like Chainlink, Wormhole, MakerDAO, TheGraph, Synthetix, and more.”