Why crypto hacks don’t end and continue even when the money is gone

A new report by Immunefi, titled “State of Onchain Security 2026,” highlights that cryptocurrency hacks inflict damage far beyond the immediate financial theft, leading to prolonged crises that significantly impact a project's future. While the average direct theft in the report's sample was approximately $25 million, hacked tokens experienced a median six-month decline of 61%, with 84% failing to recover to their pre-hack price. Projects also lost at least three months of development progress to recovery efforts.

Escalating Danger in Large-Scale Exploits

Immunefi documented 191 hacks in 2024 and 2025, resulting in $4.67 billion in losses, bringing the five-year total to 425 hacks and $11.9 billion. Although the yearly number of hacks remained stable, the report identifies a dangerous concentration of losses. The median theft in 2024-2025 was $2.2 million, down from previous years, but the average theft surged to approximately $24.5 million. The top five hacks accounted for 62% of all stolen funds, underscoring how a few massive exploits can disproportionately impact the industry's overall loss profile. The $1.5 billion exploit affecting Bybit in 2025, for instance, represented 44% of that year's total stolen funds.

Prolonged Token Price Decline and Project Instability

The report's analysis of price damage reveals a worsening trend. In a sample of 82 hacked tokens, the median six-month decline worsened to 61%, up from 53% in earlier periods. At the six-month mark, 56.5% of hacked tokens had fallen by more than half, and 14.5% by over 90%. Only about 16% traded above their hack-day price. This sustained price depreciation directly impacts a project's treasury, financing capabilities, recruitment, and morale, turning recovery into a significant challenge.

Interconnectedness and Centralized Vulnerabilities

The increasing interconnectedness of DeFi protocols, including bridges, stablecoins, and lending markets, creates longer chains of vulnerability, allowing hacks to propagate further. Despite the industry's emphasis on decentralization, centralized venues remain significant targets. In 2024-2025, hacks involving centralized exchanges constituted only 20 of the 191 incidents but accounted for 54.6% of all stolen funds ($2.55 billion). This highlights persistent risks in custody, key management, and infrastructure concentration.

The Six-Month Recovery Horizon

The Immunefi report concludes that project survival in the current crypto landscape hinges not just on enduring a hack but on navigating the subsequent six months. The initial theft triggers a crisis, but the prolonged damage to token value, reputation, and operational capacity ultimately determines a project's long-term viability.