Crypto Hacks Concentrate Losses as Hacked Tokens Fall 61%—Immunefi Report
A new Immunefi security report says crypto hacks remain steady, but losses are becoming more concentrated in a few major exploits. It analyzed 425 publicly known incidents (2021–2025) and estimates the average hack steals about $25 million.
In 2024–2025, 191 hacks caused $4.67 billion in losses. Just five incidents accounted for 62% of the total. While centralized exchange breaches were fewer, they drove most of the value lost: 20 exchange hacks contributed about $2.55 billion (~55%).
Hacked tokens show harsher market punishment. Among 82 hacked tokens, the median price drop was 61% within six months, and 83.9% stayed below their hack-day price over that period. Immunefi CEO Mitchell Amador said markets are “less forgiving” because breaches now signal deeper problems in engineering, governance and operational resilience.
The report also highlights cascading risk in interconnected DeFi. One cited case: Elixir’s deUSD stablecoin collapsed in Nov 2025 after it had ~65% of deUSD collateral with Stream Finance. Stream disclosed a $93 million loss; as Stream’s xUSD fell 77%, deUSD backing deteriorated, redemptions halted, panic selling hit Curve pools, and deUSD dropped more than 97%.
Separately, recent crypto hacks include a Google-reported iPhone seed-phrase exploit kit (Coruna), Solv Protocol vault theft (~$2.7m), Bonk.fun domain hijack with wallet-draining activity, and Gondi disabling a faulty NFT lending contract after an exploit stole ~$230k. Crypto hacks can therefore mean not only immediate theft, but also prolonged downtime, liquidity shocks, and lasting confidence damage.
Bearish
Immunefi 的统计指向两点对交易更不利的趋势：第一，crypto hacks 的损失正在“集中化”（少数大事件吃掉大部分损失），这意味着市场可能在少数时间点出现更剧烈的风险定价；第二，受影响的 hacked tokens 的典型回撤很深且恢复概率低（中位数 -61%、6 个月内多数仍低于被黑当日价格）。这会放大资金对安全溢价的要求，从而压制高风险资产的情绪。
短期看，报告会强化市场对“安全事件=持续估值折价”的定价逻辑，尤其是涉及交易所与互联 DeFi 的风险，可能导致相关板块出现更快的资金流出与更高的波动。结合文中近期事件（如 iPhone 助记词窃取工具包、DeFi 金库被盗、域名劫持），交易者往往会提高对链上/合约/域名层面的风控，倾向于降低敞口或转向更高安全信誉资产。
长期看，若市场持续把 breaches 视为工程与治理“系统性问题”的信号，那么即便事件后存在补偿或修复，估值修复也可能滞后。类似历史上大型漏洞后的“下跌-缓慢修复”路径，往往伴随流动性收缩与开发/运营能力受损，形成对牛市持续性的不利影响。因此整体偏 bearish。