Crypto Asset Losses in BNB Chain Attacks Decreased by 85% Last Year

Crypto News – Ancilia, Salus, Hashdit, CertiK, and other security organizations contributed to the most recent AvengerDAO report, which shows that BNB Chain‘s cryptocurrency losses in 2023 broke a three-year rise and decreased by 85%.

Crypto Asset Losses in BNB Chain Attacks Decreased by 85% Last Year

Security companies pointed out in the research that losses suffered by BNB Chain have risen steadily since 2020, reaching a peak in 2022. Over $1.1 billion worth of cryptocurrency assets were reported stolen by the BNB Chain ecosystem that year. That being said, the network’s losses in 2023 were far lower than in 2022, coming in at just $161 million.

In terms of money taken, the report also showed a decline in hacks and scams within the BNB Chain. In 2023, the lost amount from hackers decreased by 91%, while the lost amount from scams decreased by 54%.

A Representative Says There Has Been No Decrease in Hack Attempts

According to a representative of the BNB Chain Core Development Team, the prompt notifications that the decentralized autonomous organization (DAO) sends out to alert the community about possible malicious actors are the reason why there are fewer funds lost in the BNB Chain network.

There was actually no decrease in attempted hacks or scams last year, so the reduction of losses on BSC can be largely attributed to AvengerDAO’s quick alerts to minimize the number of users participating in potential scams.

A representative