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BNB Chain Heists Slash Crypto Losses by 85% in 2023!

Key Points:

AvengerDAO report reveals a significant drop in losses to $161 million from $1.1 billion.
Hacks down 91%, scams reduced by 54%—a transformative year for BNB Chain security.

The latest AvengerDAO report, BNB Chain heist contributed by renowned security firms CertiK, Hashdit, Ancilia, and Salus, reveals a groundbreaking shift in the crypto landscape.

The report indicates that the three-year uptrend in crypto losses on BNB Chain has been shattered, plummeting by a staggering 85% in 2023.

The security firms underscored that losses within the BNB Chain ecosystem had been steadily escalating since 2020, reaching a peak in 2022 with over $1.1 billion in crypto assets pilfered. However, the tide turned in 2023, witnessing a remarkable reduction as losses dwindled to $161 million—an 85% drop from the previous year.

Noteworthy in the report is the decline in both hack and scam incidents within the BNB Chain. Hacks experienced a drastic 91% decrease in funds lost, while scams saw a 54% reduction in 2023.

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Although the value of stolen assets diminished, the report highlighted an alarming increase in both hack and scam attempts during the same period. With 210 recorded hacks—an astonishing 96% surge—and a 14% increase in scam attempts, 2023 proved to be an eventful year for crypto security.

The BNB Chain Core Development Team attributes the reduced losses to the swift alerts generated by the decentralized autonomous organization (DAO). They emphasized that the AvengerDAO’s quick alerts played a pivotal role in minimizing community participation in potential scams.

The report pointed to the surge in “Red Alarms” in 2023—an innovative risk screening tool that alerted community members to potential risks. Hashdit, one of the contributing security firms, sent around 3,500 alerts via Red Alarm and 330 alert tweets, showcasing a proactive approach in safeguarding the BNB Chain community against emerging threats.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.