Fiat Losses Decline in Q3
According to a report by Avenger DAO and Hashdit, financial losses from security incidents on the BNB Smart Chain (BSC) dropped by 27% between Q3 2022 and Q3 2023. This decline suggests an improvement in the security of BNB Chain over the years.
In Q3, fiat losses amounted to $43.5 million, which is 37% lower than the $69 million seen in Q2 of 2023. The reduction in losses is attributed to the decrease in the number of hacks from 79 in Q2 to 45 in Q3.
The BNB Chain Core Development Team praised Hashdit and Avenger DAO for their contributions to the Web3 ecosystem and crypto community with their security reports.
Rug Pulls and Losses
Rug pulls, price, and reserve manipulation events on BSC accounted for 4% of the total fiat losses across all chains in Q3. When compared to other chains, BSC ranked fourth in terms of total fiat losses. Ethereum accounted for 36% of all losses, while Tron and Fantom followed with 32% and 15%, respectively.
Rug pulls were responsible for 67% of all fiat losses on the BSC chain, making them one of the most common security threats. Reserve and price manipulation events accounted for approximately 12% of the exploits. Other attack types included lack of validation (3.36%), access control issues (2.52%), and compromised private keys (1.68%).
Hot Take: Improving Security Measures on BNB Smart Chain
The significant drop in financial losses stemming from security incidents on the BNB Smart Chain reflects an ongoing improvement in its security measures. The efforts made by Avenger DAO and Hashdit to provide essential security knowledge through their reports have contributed greatly to empowering users and developers in the crypto community. Despite facing challenges like rug pulls and manipulation events, these findings show that progress is being made towards a more secure environment for BNB Smart Chain users.
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