According to an onchain security report hackMost of the cryptocurrencies that have been traded cannot survive this attack process in terms of pricing. Hacked More than 77.8% of cryptocurrencies experienced sustained negative price impact six months after the hack. According to an Immunefi report, 51.1% of hacked tokens saw a price drop of more than 50% six months after the protocol hack.
Crypto Space and Hack Attacks
Immunefi’s According to founder and CEO Mitchell Amador, the hacked protocols sustain most of the damage after the hack attack. The famous name said the following on the subject: A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“The millions lost in hacking attacks immediately foreshadow the greater losses caused by the market impact and addiction impact, as well as the months of lost time spent rebuilding your emotionally shattered team and operations.”
The report says a hacker attacked an Indian cryptocurrency exchange in the second-largest cryptocurrency hack of 2024 so far. From WazirX It comes about a month after more than $230 million was stolen. Decentralized finance (DeFi) applications have historically been responsible for most crypto asset attacks. However, centralized finance (CeFi) infrastructure has become the biggest vulnerability for the crypto space, accounting for the majority of losses in 2024, according to Amador. Amador said:
“Infrastructure breaches tend to be the most devastating attacks in the crypto space. For example, a leaked private key will lead to the theft of all funds under its control.”
Of the $1.19 billion in crypto assets stolen so far in 2024, $636 million has been attributed to CeFi vulnerabilities.
Details on the Subject
Some cryptocurrencies perform better after a hack. Historically, tokens with a more established team, which belong to larger projects, are more resilient to attacks, according to Amador:
“Among the recovered tokens BNB Chain, “These include projects like SushiSwap, THORChain, Olympus, and Optimism. All of these projects are either large ecosystems like BNB Chain or Optimism, or long-standing protocols like SushiSwap with a dedicated community.”
This is primarily due to the larger ecosystems behind these tokens that exert more purchasing power after the hack. Crypto Attacks remain one of the biggest hurdles to mass adoption of cryptocurrencies, as the amount of stolen funds in 2024 could exceed the previous year.
More than $200 million has been lost to attacks since the beginning of the year through February 29, reflecting a more than 15% increase compared to the same period in 2023, when $173 million worth of crypto assets were stolen.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
