Losses in BNB Chain Network from Hacks Falls 85%

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According to AvengerDAO’s report, the financial losses in BNB Chain’s blockchain due to security breaches decreased by 85%, from $1.11 billion in 2022 to $161 million in the previous year.

However, this decrease in losses does not reflect a decrease in incidents, as there were 414 security breaches in the past 12 months, an increase of 44% from the previous year.

The three main sources of these incidents were an exit scam by Fintoch, the rug pull of the IPP staking pool, and a hack of the Stake betting platform.

These three incidents alone resulted in a total loss of $64 million. In comparison, the total losses in the Ethereum network due to fraud and cyber attacks were $1.04 billion in 2023.

Following Ethereum, the Tron blockchain had losses of $405 million, Fantom had $171 million, and Arbitrum had $73 million. The attack vectors on BNB Chain’s blockchain were almost evenly split between hacks (50.72%) and scams (49.03%).

However, the total financial loss from fraud was higher at $87 million compared to $73 million from hacking incidents.