Losses from theft at BNB Chain fell by 85%

The BNB Chain network experienced a notable decrease in the amount of cryptoassets lost in 2023, breaking a three-year upward trend. According to a recent report by AvengerDAO, a collaboration of security firms CertiK, Hashdit, Ancilia and Salus, network losses were reduced by 85%.

The report detailed that, since 2020, losses at BNB Chain had been steadily increasing, peaking in 2022 with more than $1.1 billion in stolen crypto assets. However, in 2023, the situation reversed dramatically, recording only $161 million in losses, a significant drop from the previous year.

In addition, there was a decrease in funds lost through hacks and scams at BNB Chain. Hacks showed a 91% reduction in the amount lost, while scams decreased by 54% in 2023.

Despite the decrease in stolen value, the report highlighted an increase in hacking attempts and scams. The year 2023 registered 210 hacks, an increase of 96%, and scams increased by 14%, with 2023 cases reported.

A representative of the BNB Chain Lead Development Team attributed the reduction in lost funds to AvengerDAO’s rapid alerts, which warn the community of possible malicious actors. “The reduction in losses is largely due to early alerts to minimize participation in potential scams,” they explained.

In 2023, BNB Chain stepped up its use of “Red Alerts”, a risk assessment tool, with Hashdit sending out about 3,500 alerts and 330 warning tweets.

K. Tovar

Source: EIN News

(Reference image source: Lukas Blazek, Unsplash)

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