Resources

People often ask me "How did you learn how to hack?" The answer: by reading. This page is a collection of the blog posts and other articles that I have accumulated over the years of my journey. Enjoy!

What happens once a protocol has been hacked? What is the long-term financial impact of it? This article discusses all of this in their second rendition of the report.

The frequency of hacks has plateaued. In 2024, it was 94, and in 2025, it was 97. The number of exploits has settled down into a steady number. The median amount for a hack has decreased while the average has increased. This says that each hack is smaller, but the upper end of the hacks is much larger. The top five largest hacks account for 62% of funds stolen.

The shock on the protocol's token is immense. Within two days, the token drops by 10%. Over six months, it drops by 53%-61%. After six months, the curve steepens. The market has a lasting penalty for security issues.

The impact extends beyond a single project's finances because many of these projects are interconnected. They include the example of Elixir's deUSD stablecoin. It was hacked for $93M to begin with. Because so much collateral was parked with Stream, their own stablecoin dropped in value by 77%. Stream froze withdrawals, and panic ensued, leading to a $30M dump on chain. All in all, deUSD lost more than 97% of its value, leading to Elixir being sunset.

Organizationally, things change as well. Security leadership leaves after a hack. The recovery period takes most of the mindshare instead of forward development. This results in three months of effort lost. Overall, a good post on the impact of a hack.