HACKS & TOKEN PRICESREPORT 2024
PREPARED BY IMMUNEFI

01

Overview

402

Hacks: The Beginning Of The Damage

503

Market Impact

604

Top 10 Price Declines

705

Token Price Declines

10

06

Token Price Recoveries

18

07

Visual Listing: Token Price Declines In Focus

20

2

“
Getting hacked is the beginning of the damage, not theend. The millions lost to the hack immediately anticipate
even larger losses, caused by market impact anddependency impact, alongside many months of lost timespent rebuilding your emotionally shattered team andoperations.
Mitchell Amador
Founder and CEO of Immunefi in The Real Impact of an Onchain Hack

Hacks & Token Prices Report 2024
OVERVIEW
The team at Immunefi, the leading onchain crowdsourced security
platform which protects over $190 billion in user funds, releases the
Hacks & Token Prices Report 2024, an overview of the impact ofhacks on the prices of protocols’ native tokens.

A recent report by Immunefi revealed that over $1.8 billion was lost in
web3 in 2023 due to hacks and scams, and over $572 million has
already been lost in 2024, making the space a very adversarial
environment.

From a sample of 176 hacking incidents that occurred between 2021
and 2023, the team reviewed the price of the hacked protocols' native
tokens within the following timelines:

Incentives to exploit projects in web3 are significantly larger than in
web2, due to the amount of capital that exists in smart contracts.
Vulnerabilities in code can result in a direct loss of capital and lead to asignificant decline in the price of a protocol's native token.

• On the day of the hack
• Two days after the hack
• Five days after the hack• Three months after the hack• Six months after the hack

Overall, successful web3 exploits can quickly spiral into a financial
nightmare for protocols and their users, as a hack itself is only the
beginning of the damage.

This research report will focus on the market impact of hacks. The
research of token prices refers to median price movements. With anextended dataset, the median is a more predictable estimate, given theexistence of rare outliers that could grow or drop much more severely.
4

Hacks & Token Prices Report
HACKS: THE BEGINNING OF THE DAMAGE
The reality is that net value stolen, which is the standard, mostwidely used figure, grossly underestimates the damage caused byhacks. It misses all the other ways hacks wreak damage, many ofwhich are more financially damaging than the hack itself, though they
are more difficult to quantify.
The contributors to total hack damage that are most unrecognized by
non-security practitioners are:
• Market impact: Market impact is the damage to the publicly trading
token (or hypothetically equity) prices caused by the hack, which canlast over long periods of time. This impact is much less known than
the former, but its importance is appreciated by top security
practitioners.

• Dependency impacts: Dependency impact refers to second-ordereffects stemming from the original hack that cause damage to otherassets. There are two major categories of dependency impact:
Platform dependency and financial dependency. The hack of a
blockchain itself in such a way that it compromises all
assets/contracts built on that blockchain is a good example ofplatform dependency impact. The decline in Luna pricing destroying
the value of the Terra stablecoin is a good example of financial
dependency impact.
• Talent & organizational impact: Damage here is challenging toquantify, typically taking the form of lost time, money, and talent,due to post-hack response and recovery. Given that a hack and its
recovery can consume months of work for a small startup team, theorganizational impact alone is always costly and sometimes fatal. All
but the most preemptively prepared organizations must deal withthis impact post-hack.

5

MARKET IMPACTHACKS & TOKEN PRICES REPORTTop 10 Price Declines
After 2 Days

Top 10 Price Declines
After 5 Days

• ORT 100% (OMNI Real Estate Token)• ORT 99.9% (OMNI Real Estate Token)• BOG 99.9% (Bogged Finance)• BOG 99.9% (Bogged Finance)• IMX 99.6% (Impermax Finance)• TPAD 99.7% (TrustPad)• TPAD 98.7% (TrustPad)• IMX 99.6% (Impermax Finance)• POOLX 98% (Poolz Finance)• FNX 98.8% (FinNexus)• SKYWARD 97.3% (Skyward Finance)• POOLX 98.4% (Poolz Finance)• GERA 96.4% (Gera Coin)• GERA 97.6% (Gera Coin)• UVT 95% (UvToken)• QANX 97.5% (QANplatform)• QANX 93.7% (QANplatform)• UVT 96% (UvToken)• ANA 89% (Nirvana)• ROOM 96% (OptionRoom)
7

Top 10 Price Declines
After 1 Month

Top 10 Price Declines
After 3 Months• BOG 100% (Bogged Finance)• ORT 100% (OMNI Real Estate Token)• ORT 100% (OMNI Real Estate Token)• GERA 99.6% (Gera Coin)• IMX 99.6% (Impermax Finance)• QANX 99.5% (QANplatform)• GERA 99.3% (Gera Coin)• FNX 99.3% (FinNexus)• FNX 99.3% (FinNexus)• ELEPHANT 98.8% (Elephant Money)• QANX 99.2% (QANplatform)• IMX 98.8% (Impermax Finance)• ROOM 98.8% (OptionRoom)• ANA 98.6% (Nirvana)• L2DAO 98.7% (Layer2DAO)• $XBN 98.4% (XBN)• ANA 97.3% (Nirvana)• VEE 98% (Vee.Finance)• SKYWARD 97.3% (Skyward Finance)• SKYWARD 96.8% (Skyward Finance)
8Top 10 Price Declines
After 6 Months• ORT 100% (OMNI Real Estate Token)• VEE 99.9% (Vee.Finance)• IMX 99.6% (Impermax Finance)• QANX 99.6% (QANplatform)• GERA 99.6% (Gera Coin)• FNX 99.4% (FinNexus)• TITANO 99.3% (Titano Finance)• ANA 99% (Nirvana)• JAWS 98.9% (AutoShark Finance)• SPARTA 98.8% (Spartan Protocol)
9Token Price Declines
MEDIAN PRICE MOVEMENT AFTER THE HACKA review of the data shows that the market impact of a hack persists and intensifies over time, continuing for at least six months after theincident.

100%
50%
0%
-50%
-100%

-10%

2 Days after

-19%

-27%

5 Days after

-43%

-53%

1 Month after 3 Months after 6 Months afterMedian price movement after the hack10Token Price Declines
2 DAYS AFTER THE HACK

Over 90%

Two days after the hack, the median token price decline was 10%.
• 34% of the token prices dropped over 10%.
• 11.4% of the token prices dropped over 50%.
• 5.1% of the token prices dropped over 90%.

HIGHEST DECLINEOver 50%The ORT token witnessed the highest price decline at 100%, from$0.0062 to $0.00000022, two days after the hack.

Over 10%

Token price decline from theprice on the day of the hack11

Token Price Declines
5 DAYS AFTER THE HACK

Over 90%

Five days after the hack, the median token price decline was 19%.
• 37% of the token prices dropped over 10%.
• 13% of the token prices dropped over 50%.
• 7.4% of the token prices dropped over 90%.

HIGHEST DECLINEThe ORT token witnessed the highest price decline at 99.9%, from$0.0062 to $0.00000033, five days after the hack.

Over 50%

Over 10%

Token price decline from theprice on the day of the hack12

Token Price Declines
1 MONTH AFTER THE HACK
One month after the hack, the median token price decline was 27%.

Over 90%• 32% of the token prices dropped over 10%.
• 26% of the token prices dropped over 50%.
• 9% of the token prices dropped over 90%.

HIGHEST DECLINEOver 10%The BOG token witnessed the highest price decline at 100%, from$1.78 to $0.000016, still one month after the hack.

Over 50%

Token price decline from theprice on the day of the hack13

Token Price Declines
3 MONTHS AFTER THE HACK
Three months after the hack, the median token price decline was
43%.

Over 90%• 27.2% of the token prices dropped over 10%.
• 32.4% of the token prices dropped over 50%.
• 11% of the token prices dropped over 90%.

Over 10%HIGHEST DECLINEThe ORT token witnessed the highest price decline at 100%, from$0.0062 to $0.00000007, still three months after the hack.

Over 50%
Token price decline from theprice on the day of the hack14

Token Price Declines
6 MONTHS AFTER THE HACK
Six months after the hack, the median token price decline was 53%.
• 22% of token prices dropped over 10%.
• 35.2% of token prices dropped over 50%.
• 16% of token prices dropped over 90%.

Over 90%
Over 10%HIGHEST DECLINEThe ORT token witnessed the highest price decline at 100%, from$0.0062 to $0.00000003, still six months after the hack.

Over 50%
Token price decline from theprice on the day of the hack15

Token Price Declines
To assess the immediate market impact of a hack, our research focused on the specific time frame of two days after the hack to review therespective token price declines.

MAJOR HACKS VS. TOKEN PRICE DECLINES
The crypto industry has suffered severe hacks, leading to exploits of up to $625 million in a single targeted attack. The amount lost from thehack is only part of the total damage. A review of the data shows that token prices significantly decline following a hack, further extending thelosses specifically due to the market impact of the attack.
• Ronin Network suffered an exploit that led to a $625 million loss,
resulting in the RON token witnessing a 19.8% price decline from
$2.29 to $1.84 in the first 2 days after the incident.

• Mixin Network suffered an exploit that led to a $200 million loss,
resulting in the XIN token witnessing a 5% price decline from
$215.95 to $206.20 in the first 2 days after the incident.

• BNBChain suffered a hack that led to a $100 million loss, resulting
in the BNB token witnessing a 3.2% price decline from $296.29 to$286.77 in the first 2 days after the incident.

• Venus suffered an exploit that led to a $200 million loss, resulting
in the XVS token witnessing a 41% price decline from $83.87 to$49.59 in the first 2 days after the incident.

16Token Price Declines
MAJOR HACKS VS. TOKEN PRICE DECLINES• Euler Finance suffered an exploit that led to a $197 million loss,
resulting in the EUL token witnessing a 58% price decline from$6.33 to $2.68 in the first 2 days after the incident.

• BadgerDAO suffered an exploit that led to a $120 million loss,
resulting in the BADGER token witnessing a 31.4% price decline
from $27.02 to $18.54 in the first2 days after the incident.

• Cream Finance suffered a hack that led to a $130 million loss,
resulting in the CREAM token witnessing a 32% price decline from
$156.42 to $106.50 in the first 2 days after the incident.

• Harmony suffered an exploit that led to a $100 million loss,
resulting in the ONE token witnessing a 11.5% price drop from$0.026 to $0.023 in the first 48 hours after the incident.

• Multichain suffered a hack that led to a $126 million loss, resulting
in the MULTI token witnessing a 0.3% price decline from $2.71 to$2.70 in the first 2 days after the incident.

• Mango suffered an exploit that led to a $100 million loss, resulting
in the MNGO token witnessing a 42.5% price drop from $0.040 to$0.023 in the first 48 hours after the incident.

17Token Price Recoveries
To assess the long-term market impact of a hack, our research focused on the specific time frames of one month and three months after thehack to review the respective token price recovery.

MAJOR HACKS VS. TOKEN PRICE RECOVERIES
A review of major hacks and their respective token price movements reveals that only the BNB token showed a significant price recovery one
month after the hack. The remaining tokens did not recover within the time periods of one to three months from the original token price on
the day of the hack. This further demonstrates the persistent negative effects of a hack on a protocol’s token price and market value.
• The RON token price was down 50% one month after the Ronin
Network hack. The token was still down 85% three months after
the hack.

• The XIN token price was down 35% one month after the Mixin
Network hack. The token was still down 34% three months after
the hack.

• The BNB token price was up 20% one month after the BNB Chain
hack. The token was down 12% three months after the hack.

• The XVS token price was down 69% one month after the Venus
hack. The token was still down 60% three months after the hack.

18

Token Price Recoveries
MAJOR HACKS VS. TOKEN PRICE RECOVERY• The EUL token price was down 44% one month after the Euler
Finance hack. The token was still down 74% three months after
the hack.

• The BADGER token price was down 43% one month after the
BadgerDAO hack. The token was still down 66% three months after
the hack.

• The CREAM token price was down 77% one month after theCream Finance hack. The token was still down 77% three months
after the hack.

• The ONE token price was down 12% one month after the Harmony
hack. The token was still down 25% three months after the hack.

• The MULTI token price was down 37% one month after theMultichain hack. The token was still down 8% three months after
the hack.

• The MNGO token price was down 75% one month after the Mango
hack. The token was still down 52% three months after the hack.

19

TOKEN PRICE DECLINES IN FOCUS
VISUAL LISTING | MAJOR HACKS & OTHERS

Token Price Declines

VISUAL LISTING

RON

BNB

$2.29

$296.29$286.77$278.24

Day of The Hack

2 Days5 Days

$1.84

$1.77

$261.30$310.70$1.15

Day of The Hack 2 Days

5 Days

1 Month

$0.35

$0.26

3 Months

6 Months

Token price decline from the price on the day of the hack

3 Months

6 Months

Token price decline from the price on the day of the hack

XIN

$215.95

1 Month

XVS$212.49$206.20$137.65$140.11$141.55$83.87Day of The Hack 2 Days

5 Days

1 Month

3 Months

Token price decline from the price on the day of the hack

6 Months

Day of The Hack

$49.59$34.51$26.18$33.85$23.36

2 Days5 Days

1 Month

3 Months

6 Months

Token price decline from the price on the day of the hack21

Token Price Declines

VISUAL LISTING

EUL

CREAM

$6.33
$2.68

Day of The Hack 2 Days

$2.29
5 Days

$3.52$1.62
1 Month

3 Months$2.70

6 Months$156.42

Day of The Hack

$106.50

2 DaysToken price decline from the price on the day of the hack

5 Days$35.91$34.98$40.66

1 Month

3 Months

6 Months

Token price decline from the price on the day of the hack

BADGER

MULTI$2.710$100.82$2.700Day of The Hack 2 Days

$2.3405 Days

$27.02$2.510$1.7101 Month$18.54$1.6203 Months

Token price decline from the price on the day of the hack

6 Months

Day of The Hack

2 Days

$15.485 Days$15.31

1 Month$9.16

3 Months$5.97
6 Months

Token price decline from the price on the day of the hack22

Token Price Declines

VISUAL LISTING

MNGO

ONE

$0.026$0.023$0.019$0.023$0.04$0.020$0.02$0.011

Day of The Hack 2 Days

5 Days

1 Month

3 Months

6 Months

$0.03
$0.01

Day of The Hack

2 DaysToken price decline from the price on the day of the hack

5 Days

1 Month

$0.02

$0.02

3 Months

6 Months

Token price decline from the price on the day of the hack

SKYWARD

IMX$13.50$0.0250$0.0001
Day of The Hack 2 Days

$0.0001$0.0001$0.0003$0.0001

5 Days

1 Month

3 Months

6 Months

Token price decline from the price on the day of the hackDay of The Hack

$0.37

$0.85

$0.36

$0.43

$0.24

2 Days5 Days

1 Month

3 Months

6 Months

Token price decline from the price on the day of the hack23

Token Price Declines

VISUAL LISTING

GERA

QANX

$0.0083$0.012$0.0003
Day of The Hack 2 Days

$0.012$0.0002$0.0001$0.0000$0.0000$0.001$0.000$0.000$0.0005 Days

1 Month

3 Months

6 Months

Day of The Hack 2 Days

5 Days

1 Month

3 Months

Token price decline from the price on the day of the hack

6 Months

Token price decline from the price on the day of the hack

ANA

UVT

$8.66

$0.438

$0.95

$0.65

$0.23

$0.12

$0.09

$0.022$0.018$0.016$0.022$0.029Day of The Hack 2 Days

5 Days

1 Month

3 Months

6 Months

Day of The Hack 2 Days

5 Days

1 Month

3 Months

6 Months

Token price decline from the price on the day of the hackToken price decline from the price on the day of the hack24Immunefi
Immunefi is the leading onchain crowdsourced security
platform which protects over $190 billion in user funds.
Immunefi features a massive community of whitehat hackers
who review projects’ blockchain and smart contract code, findand responsibly disclose vulnerabilities, and get paid formaking crypto safer. With Immunefi, whitehat hackers are
rewarded based on the severity of the vulnerability that they
discover, creating incentives for as many experts as possible
to examine project code for vulnerabilities.
Immunefi has pioneered the scaling web3 bug bounties
standard, meaning that rewards should be priced accordinglywith the severity of an exploit and the volume of funds at risk,
which resulted in the company building the largest communityof security talent in the web3 space.

TOTAL BOUNTIES PAID

Immunefi has paid out over $100 million in total bounties, while saving over
$25 billion in user funds.

TOTAL BOUNTIES AVAILABLE

Immunefi offers over $166 million in available bounty rewards.

SUPPORTED PROJECTS

Trusted by established, multi-billion dollar projects like Chainlink, Wormhole,
MakerDAO, TheGraph, Synthetix, and more, Immunefi now supports more than
300 projects across multiple crypto sectors.

LARGEST BUG BOUNTY PAYMENTS IN THE
HISTORY OF SOFTWARE

Immunefi has facilitated the largest bug bounty payments in the history ofsoftware:• $10 million for a vulnerability discovered in Wormhole, a generic cross-chain
messaging protocol.
• $6 million for a vulnerability discovered in Aurora, a bridge, and a scaling
solution for Ethereum.
• $2.2 million for a vulnerability discovered in Polygon, a decentralized
Ethereum scaling platform that enables developers to build scalable, userfriendly dApps.

Disclaimer• Please note that any information or analysis provided in this report is for educational and informational purposes only and should not be
construed as financial advice.
• We can’t be 100% sure that the impact on token prices is caused by hack impact, as the nature of token prices is to be volatile. Any number offactors can put downward pressure on token prices, including ones that we might not be aware of in this study. But the numbers are striking
enough to suggest that they are hack-derived.
• This reported is created based on a sample of 176 hacking incidents that occurred between 2021 and 2023. The overall analysis and the highest
price drops only take into account this sample. The price data has been extracted from CoinGecko, CoinMarketCap, and Live Coin Watch.
• The visual listings used in this report offer an overview of six specific analysis moments for the selected tokens: day of the hack, two days after thehack, five days after the hack, one month after the hack, three months after the hack, and six months after the hack. The visual listings do not track
all available prices in between the six moments. The selected tokens include tokens from the major hacks and some from the top price declines
listing.
For more information, please visit https://immunefi.com/