A crypto hack never ends when the wallet is drained. The theft lands first, fast and visible, and then a slower collapse starts to work through the rest of the project.

The token keeps sliding, the treasury shrinks with it, hiring plans get cut back, product deadlines move, partners pull away, and the company that was supposed to recover spends months fighting for credibility instead of building.

That’s the picture Immunefi’s new “State of Onchain Security 2026” report paints. Its argument is simple enough for any market, crypto or otherwise: the initial loss is only one part of the damage.

The much bigger problem comes from what the exploit does to a project’s future. Immunefi says the average direct theft in its sample came to about…