I've seen adapters fail gradually, catastrophically and last forever, and it always seemed to come down to the details as to how they were going to perform. The nicest bolt-on spacers I've seen were on a GT3 Porsche race car that wanted to reuse an old set of wheels...these were machined from 7075-T6 aluminum, hub-centric on both sides for the hub and the wheel, had machined reliefs (torque pockets or torque rings) around the internal wheel stud pattern, and ran M14x1.5 wheel studs torqued to 135 ft-lb. These ran hours long endurance events at high speed without issue for years.
The opposite end of the spectrum would be some of the cheap imported spacers that are cast aluminum, no hub-centric features and no torque pockets. These are the ones that I've see break into multiple pieces outright with a hard impact, or multiple hard impacts, or loosen up, fail some wheel studs and come off with the wheel, damaging numerous things on the way out and losing control of the vehicle.
Then there's the in-between spacers, made from 6061-T6 aluminum, sometimes with and sometimes without hub-centric features, but usually no torque poclkets/rings on the internal mating surface. These tend to fail due to the internal lug nuts loosening up over time due to a lack of torque features, resulting in localized stress concentrations around the wheel studs, which then causes localized yielding (failure) of the material and a loss of preload on the wheel stud. Wheel studs only work if you maintain proper torque, otherwise they fail due to fatigue remarkably quickly, which is what generally happens at that point. Once you break one or two wheel studs, the stress on the others increase and they're sure to follow. You may get a short warning, a vibration or something, or you may not.
For those running bolt-on wheel spacers of the generic variety, the best thing you can do IMHO is to add torque pockets/rings on the inner surface of the spacer, as this should create a more uniform contact stress between the spacer and hub which will serve to maintain proper lug nut torque.
I've attached a couple pics of the wheel spacers I designed and run on my Nova w/ late-model Corvette wheels for reference, which are hub-centric and have torque rings.