Only BNB showed significant price recovery after 2022 hack: Immunefi
A review of token prices after major hacking incidents revealed that only BNB coin showed significant recovery, up 19.2% one month after BNB Chain suffered a hack that led to a $100 million loss. That’s according to a new report by the crypto bug bounty platform Immunefi, analyzing the impact of 63 hacks in 2022 on prices of the affected protocols’ native tokens. Over $3.9 billion was lost in web3 due to hacks and scams in 2022, according to Immunefi.
On average, token prices dropped 13% in the first 48 hours after a hack and 19.6% after 120 hours. Notable examples include Impermax Finance’s IMX token, whose 99.6% drop was the largest both 48 and 120 hours after being exploited, and Skyward Finance’s SKYWARD token, with a 97.3% price drop 48 hours after the hack and a 93.7% drop 120 hours afterward. The remaining top 10 token price drops included GERA, UVT, QANX, ANA, L2DAO, LMT, TIC, LODE, QBT and ELEPHANT. BNB fell just 3.2% in the 48 hours following BNB Chain’s hack before recovering. One month after their respective hacks, the other tokens had not recovered and were still down 77.7% on average.