BNB Smart Chain Reports 85% Decrease in Losses to Security Incidents in 2023
A recent security report published by AvengerDAO, in collaboration with Hashdit, Certik, Ancilia, and Salus Security, revealed that BNB Smart Chain experienced a significant decline in losses due to security incidents in 2023. The total losses reached over $161 million, compared to $1.1 billion in the previous year.
Increase in Security Incidents on BSC
Despite the decrease in total losses, there was a 44% year-on-year increase in security incidents on BNB Smart Chain, with a total of 414 incidents reported. Out of these incidents, 315 occurred on DeFi projects.
Improvement in Q4 2023
BSC showed improvement in the fourth quarter of 2023, with a 64% decrease in fiat losses. The losses dropped from around $43.7 million in Q3 to approximately $15.6 million. This positive change can be attributed to a 51% reduction in hack incidents during Q4.
BSC’s Position Among Various Chains
In terms of fiat loss across all chains in Q4 of 2023, BNB Smart Chain secured the fifth position with a share of 3.7%. Ethereum led with 65%, followed by Tron at 13.6%, Arbitrum at 5.3%, and Bitcoin at 4.5%.
Hacks and Scams Remain Dominant
The security report categorized the types of attacks and threats on BNB Smart Chain, highlighting hacks as the predominant security incident at 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.
The Need for Ongoing Vigilance
Although there have been positive trends in reducing losses to security incidents, the report emphasizes the need for continuous vigilance. Scammers and hackers may adapt their methods, posing ongoing risks to the BNB Smart Chain ecosystem. The BNB Chain Core Development acknowledged the importance of these reports in providing critical security information and expressed gratitude to AvengerDAO and other committee members for their contributions in mitigating threats.
Hot Take: BNB Smart Chain Makes Strides in Security
The latest security report on BNB Smart Chain indicates an 85% decline in losses to security incidents in 2023. While this is a positive development, it is crucial to remain vigilant as scammers and hackers may find new ways to exploit vulnerabilities. The collaboration between AvengerDAO and other leading crypto security organizations highlights the commitment to maintaining the integrity of the industry. With ongoing efforts and monitoring, BNB Smart Chain aims to mitigate threats and provide a secure environment for its users.
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