80% of Crypto Projects Fail to Recover Post-Hack, Flow and Bybit Cases Raise Alarms
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Impact of Hacks: Recent analysis indicates that 80% of cryptocurrency projects fail to fully recover after hacks, significantly undermining market confidence and investor trust, which could jeopardize long-term sustainability.
- Flow Foundation Case: The Flow Foundation suffered a $3.9 million loss due to a hack that minted 150 million unauthorized FLOW tokens; despite recovery efforts like token burns, community trust remains shaken.
- Bybit Crisis: Bybit’s $1.4 billion crisis highlights systemic vulnerabilities in exchanges, with experts suggesting that recovery strategies must prioritize trust and transparency to enhance network resilience.
- Escalating Security Challenges:…
