A new study by Immunefi has shed light on the ongoing security risks in the cryptocurrency market. The report analyzed 425 publicly known hacks that took place between 2021 and 2025 and found that the average loss per hack is now around $25 million.
The study also highlighted how interconnected decentralized finance (DeFi) systems can amplify the fallout from a single incident, leading to widespread losses in various sectors. For instance, the collapse of Elixir's deUSD stablecoin in November 2025 resulted in a significant loss of value for several other tokens and platforms.
According to the report, token markets have become increasingly unforgiving when it comes to breaches, with prices falling by a median of 61% within six months following a hack. This trend suggests that expectations around security have changed, and breaches are now seen as signals of deeper issues in engineering, governance, and operational resilience.