HACKS & TOKEN
PRICES REPORTPREPARED BY IMMUNEFIHacks & Token Prices Report
PREPARED BY IMMUNEFIThe team at Immunefi, the leading bug bounty and security services platform for web3 which protects over $60 billion inuser funds, releases the Hacks & Token Prices Report, an overview of the impact of hacks on the prices of protocols’
native tokens.
From a sample of 63 hacking incidents that occurred in 2022, the team reviewed the price of the hacked protocols' nativetokens on the day of the hack, 48 hours later, and finally 120 hours after the hack.

Hacks & Token Prices Report
OVERVIEW

A recent report by Immunefi revealed that over $3.9 billion was lost in web3 in 2022 due to hacks and scams, making thespace a very adversarial environment.
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 this capital and lead to a significant drop in the price of a
protocol's native token. Overall, successful web3 exploits can quickly spiral into a terrible financial nightmare for protocols
and their users.
• On average, token prices dropped 13% in the first 48 hours after a hack and 19.6% after 120 hours.
• The two biggest initial price drops were in Impermax Finance's IMX token, which saw a 99.6% drop in the first 48 hours
and also 120 hours after the hack, and Skyward Finance's SKYWARD token, with a 97.3% price drop 48 hours after thehack and a 93.7% drop 120 hours after the hack.
• While GeraCoin's GERA token dropped 96.4% in the first 48 hours after the hack, it witnessed the second biggest pricedrop 120 hours after the hack at 97.6%.

Top 10 Price Drops
After 48 Hours

Top 10 Price Drops
After 120 Hours• IMX 99.6% (Impermax Finance)• IMX 99.6% (Impermax Finance)• SKYWARD 97.3% (Skyward Finance)• GERA 97.6% (Gera Coin)• GERA 96.4% (Gera Coin)• QANX 97.5% (QANplatform)• UVT 95% (UvToken)• SKYWARD 93.7% (Skyward Finance)• QANX 93.7% (QANplatform)• ANA 92.5% (Nirvana)• ANA 89% (Nirvana)• LMT 91.6% (Lympo)• L2DAO 83.3% (Layer2DAO)• ELEPHANT 80.9% (Elephant Money)• LMT 80.7% (Lympo)• TIC 80% (Elastic Swap)• TIC 79.7% (Elastic Swap)• LODE 73.6% (Lodestar Finance)• ELEPHANT 76.7% (Elephant Money)• QBT 64.7% (Qubit)

Token Price Drops
Over 90%

48 HOURS AFTER THE HACK
• On average, tokens saw a price drop of 13% 48 hours
after a hack.
• 44.4% of the token prices dropped over 10%.
• 14.3% of the token prices dropped over 50%.
• 8% of the token prices dropped over 90%.

Over 50%• The IMX token witnessed the highest price drop at99.6%, from $0.025 to $0.0001, 48 hours after the hack.
On July 17th, 2022, a hacker was able to steal around
9M IMX (worth over $7M) from a couple of wallets
controlled by the Impermax Finance team after stealing
their private keys.

Over 10%

Price drop

Token Price Drops
Over 90%

120 HOURS AFTER THE HACK
• On average, tokens saw a price drop of 19.6% 120 hours after ahack.
• 55.6% of token prices dropped over 10%.
• 11% of token prices dropped over 50%.
• 11% of token prices dropped over 90%.

Over 50%• The IMX token also witnessed the highest price drop at
99.6%, from $0.025 to $0.0001, 120 hours after thehack.

Over 10%

Price drop

Token Price Drops
OVERVIEW OF HACKS VS. TOKEN PRICE DROPS
The crypto industry has suffered some of the largest hacks in its history in 2022, including several $100 million dollar
hacks. In fact, the five major exploits of the year totaled $2,361,000,000 alone. And while some of the hacked protocols
had considerable drops in their token prices, by comparison, they do not represent the largest percentages of token pricedrops.
• Ronin Network suffered an exploit that led to a $625
million loss, resulting in the RON token witnessing a
19.8% price drop from $2.29 to $1.84 in the first 48
hours after the incident.

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

• BNBChain suffered a hack that led to a $100 million
loss, resulting in the BNB token witnessing a 3.2% pricedrop from $296.29 to $286.77 in the first 48 hours afterthe incident.

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

Token Price Drops
OVERVIEW OF HACKS VS. TOKEN PRICE DROPS• Skyward Finance suffered an exploit that led to a $3million loss, resulting in the SKYWARD token witnessinga 97.3% price drop from $13.50 to $0.369 in the first 48
hours after the incident.

• Nirvana suffered an exploit that led to a $3.5 million loss,
resulting in the ANA token witnessing a 89% price dropfrom $8.66 to $0.95 in the first 48 hours after theincident.

• UvToken suffered a hack that led to a $1.5 million loss,
resulting in the UVT token witnessing a 95% price dropfrom $0.44 to $0.22 in the first 48 hours after theincident.

• Layer2DAO multisig suffered a hack that led to a
$298,713 loss, resulting in the L2DAO token witnessing a95% price drop from $0.0078 to $0.0013 in the first 48hours after the incident.

• QANplatform suffered a hack that led to a $1 million
loss, resulting in the QANX token witnessing a 93.7%
price drop from $0.012 to $0.00078 in the first 48 hours
after the incident.

• Lympo suffered a hack that led to a $18.7 million loss,
resulting in the LMT token witnessing a 93.7% price dropfrom $0.119 to $0.023 in the first 48 hours after theincident.

Token Price Drops
OVERVIEW OF HACKS VS. TOKEN PRICE DROPS• Elastic Swap suffered an exploit that led to a $854,000loss, resulting in the TIC token witnessing a 79.7% pricedrop from $4.69 to $0.95 in the first 48 hours after theincident.
• Lodestar Finance suffered a hack that led to a $7 million
loss, resulting in the LODE token witnessing a 59.3%
price drop from $0.41 to $0.17 in the first 48 hours afterthe incident.
• Qubit Finance suffered a hack that led to a $80 million
loss, resulting in the QBT token witnessing a 64.6%
price drop from $0.0065 to $0.0023 in the first 48 hours
after the incident.

• Elephant Money suffered a hack that led to a $11 million
loss, resulting in the ELEPHANT token witnessing a 76.7
price drop from $0.0000003788 to $0.00000008821 in
the first 48 hours after the incident.

Token Price Recovery
OVERVIEW OF HACKS VS. TOKEN PRICE RECOVERY
A review of 16* token price recoveries from our overall dataset reveals that only the BNB token (1/16) has shown asignificant price recovery. One month after the hack, the remaining tokens had not recovered and were still down anaverage of 77.7%.
• BNB token price was up 19.2% at $353.03 one monthafter the BNB Chain hack.

• SKYWARD token price was down 97.3% at $0.036 one
month after the Skyward Finance exploit.

• RON token price was down 49.6% at $1.15 one monthafter the Ronin Network exploit.

• UVT token price was down 96.3% at $0.02 one monthafter the UvToken hack.

• ONE token price was down 11.5% at $0.023 one monthafter the Harmony exploit.

• QANX token price was down 99.2% at $0.0001 one
month after the QANplatform hack.

• MNGO token price was down 75% at $0.010 one monthafter the Mango Markets exploit.

• TIC token price was down 80% at $0.94 one month after
the Elastic Swap exploit.

• LODE token price was down 73.1% at $0.11 one monthafter the Lodestar Finance hack.

• L2DAO token price was down 29.5% at $0.0055 onemonth after the Layer2 DAO hack.

Token Price Recovery
OVERVIEW OF HACKS VS. TOKEN PRICE RECOVERY• IMX token price was down 99.6% at $0.0001 one monthafter the Impermax Finance hack.

• LMT token price was down 97% at $0.0036 one monthafter the Lympo hack.

• ANA token price was down 97.3% at $0.23 one monthafter the Nirvana exploit.
• GERA token price was down 99.3% at $0.00006 one
month after the Gera Coin hack.
• ELEPHANT token price was down 82.1% at$0.00000006797 one month after the Elephant Moneyhack.
• QBT token price was down 80% at $0.0013 one monthafter the Qubit hack.
* The sample of 16 project tokens is gathered from the top 10 token price drops lists and a selection of some of the biggest hacking incidents in 2022 (BNB Chain, Ronin Network, Harmony, MangoMarkets)

TOKEN PRICE DROPS IN FOCUS

VISUAL LISTING

Token Price Drops V I S U A L L I S T I N G$13.50$0.0250

Day of The Hack

$0.0001$0.0001

48H

120H

Day of The Hack

$0.0083

$0.37

$0.85

48H

120H

$0.438$0.015$0.01848H

120H

Day of The Hack

$0.0002

48H

120H

$0.95

$0.65

48H

120H

$8.66

$0.021$0.022Day of The Hack

$0.0003ANA

QANXUVTDay of The Hack

GERA

SKYWARDIMX48H$0.011120H

Day of The Hack

Token Price Drops V I S U A L L I S T I N G
TICLMTL2DAO$0.119$0.0078$4.69$0.0056$0.023$0.0013
Day of The Hack

48H

120H

48H

120H

QBT

LODE

$0.41348H$0.109120H

Day of The Hack

Day of The Hack

$0.95

$0.94

48H

120H

$1.84

$1.77

48H

120H

RON

$2.29

$0.0065$0.168Day of The Hack

Day of The Hack

$0.010$0.0023$0.002348H

120H

Day of The Hack

Token Price Drops V I S U A L L I S T I N G$296.29

Day of The Hack

MNGO

ONEBNB$286.7748H$278.24120H$0.026Day of The Hack

$0.02348H$0.019

120H

$0.04

Day of The Hack

$0.02

$0.03

48H

120H

Immunefi
Immunefi is the leading bug bounty and security services
platform for web3 protecting over $60 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 $70 million in total bounties, while saving over $25
billion in user funds.

TOTAL BOUNTIES AVAILABLEImmunefi offers over $130 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 SOFTWAREImmunefi 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.
• This reported is created based on a sample of 63 hacking incidents that happened in Q1, Q2, Q3, and Q4 of 2022. The overall analysis and thehighest price drops only take into account this sample. The token price recovery only takes into account a sample of 16 selected token price drops
included in the top price drops listing and a sample of the biggest hack incidents in 2022 (BNB Chain, Ronin Network, Harmony, Mango Markets).
The price data has been extracted from CoinGecko, CoinMarketCap, and Live Coin Watch.
• The visual listings used in this report offer an overview of three specific analysis moments for the selected tokens: day of the hack, 48 hours after
the hack, and 120 hours after the hack. The visual listings do not track all available prices in between the three moments.
• The full dataset can be found here.
For more information, please visit https://immunefi.com/