Nearly 80% Of Hacked Crypto Projects Never Fully Recover, Security Firm Warns
Nearly four out of five cryptocurrency projects that suffer major hacks never fully regain their footing, according to Mitchell Amador, CEO of Web3 security platform Immunefi.
Amador told Cointelegraph that most protocols enter a state of paralysis the moment an exploit is discovered.
“Most protocols are fundamentally unaware of the extent to which they are exposed to hacks, and are not operationally prepared for a major security incident,” he said.
What Happened
The first hours after a breach are often the most damaging, according to Amador’s analysis shared Saturday.
Without a predefined incident plan, teams hesitate, debate next steps and underestimate how deep the compromise may go.
“Decision-making slows as teams scramble to…
