HomeBlockchainReport shows that BNB Smart Chain had 85% fewer security incidents in...

Report shows that BNB Smart Chain had 85% fewer security incidents in 2023.

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A security report came out today and it showed that there were losses of over $161 million on BNB Smart Chain in 2023. This is less than the $1. 1 billion losses in the year before.

AvengerDAO worked together with Hashdit, Certik, Ancilia, and Salus Security to publish a security report.

Even though the total losses went down, there were 414 security incidents on BSC, which is a 44% increase from last year. 315 out of 414 security incidents occurred on DeFi projects.

BSC did much better in the last few months of 2023. They lost a lot less money, going from around $43. 7 million to about $15. 6

This good change happened because there were 51% fewer hack incidents. In the last three months of the year, there were 86 incidents, compared to 130 in the previous three months.

In Q4 of 2023, BSC had 3. 7% of the total fiat loss across all chains, which put it in 5th place among different chains. Ethereum was in the lead with 65%, followed by Tron at 13. 6%, Arbitrum at 5. 3%, and Bitcoin at 4. 5% Ethereum had the highest percentage at 65%, then came Tron at 13. 6%, Arbitrum at 5. 3%, and Bitcoin at 4. 5%

Earlier, it was reported that about $2 billion worth of cryptocurrency was stolen in 2023.

Hacks Remain Dominant on BNB Smart Chain

The report sorts the different ways BSC is attacked, and says that hacking is the most common, making up 50. 72% of incidents, while scams are close behind at 49. 03%

Frauds caused $87. 9 million in losses, which is a 54% decrease, and hacks resulted in $73. 2 million in losses, a big 91% decrease.

Even though things are getting better, the report says we still need to be careful because scammers and hackers might change their tricks. The BNB Chain Core Development team responded to 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.”

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