Connect with us

Hi, what are you looking for?

Investing

BNB Smart Chain Sees 85% Decline in Losses to Security Incidents in 2023: Report

A security report published today revealed losses incurred on BNB Smart Chain in 2023 reached over $161 million, compared to $1.1 billion in the previous year.

The security report was published by AvengerDAO in collaboration with Hashdit, Certik, Ancilia, and Salus Security.

Despite the decrease in total losses incurred, there were 414 security incidents on BSC, a 44% year-one-year increase from 2022. Out of the 414 security incidents, 315 happened on DeFi projects.

BSC reported a significant improvement in Q4, 2023, with a 64% decrease in fiat losses, dropping from around $43.7 million in Q3 to approximately $15.6 million.

This positive change is attributed to a 51% reduction in hack incidents, with Q4 seeing 86 incidents compared to 130 in Q3.

BSC represented 3.7% of the total fiat loss across all chains in Q4 of 2023, securing the 5th position among various chains. Ethereum led with 65%, followed by Tron at 13.6%, Arbitrum at 5.3%, and Bitcoin at 4.5%.

As reported earlier, a total of estimated $2billion were stolen in crypto in 2023.

Hacks Remain Dominant on BNB Smart Chain

The report categorizes the types of attacks and threats on BSC, highlighting hacks as the predominant security incident, constituting 50.72%, closely followed by scams at 49.03%.

Scams were responsible for $87.9 million, reflecting a 54% decrease, while hacks accounted for $73.2 million, a substantial 91% decrease in losses.

Despite these positive trends, the report emphasizes the need for ongoing vigilance, recognizing that scammers and hackers may adapt their methods. The BNB Chain Core Development commented on the report:

“We greatly appreciate the input and feedback from the AvengerDAO committee members Hashdit, Certik, Ancilia, and Salus, who are all leaders in the crypto security space that play an integral role in maintaining the integrity of our industry. These reports help provide the community with critical security information while AvengerDAO monitors and identifies risks to mitigate threats on BSC.”

The post BNB Smart Chain Sees 85% Decline in Losses to Security Incidents in 2023: Report appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

    Editor's Pick

    In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

    Editor's Pick

    For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

    Editor's Pick

    After the final lecture of my Fall 2022 International Economic Policy course (an undergraduate offering meant to introduce non-economics majors to the economics of...



    Disclaimer: impactofincome.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2023 impactofincome.com