BNB Chain Hack Loses $1.6B, Immunefi Investigation Unveils!

Key Points:

• Immunefi’s report reveals BNB Chain’s staggering $1.64 billion losses since 2017, primarily due to hacker attacks ($1.27 billion) and rug pulls.
• The report details 228 Rug Pull incidents on the BNB Chain, with the largest case involving $40 million in November 2022, highlighting vulnerabilities.

The report from Immunefi indicates that since 2017, the BNB Chain hack has lost a total of $1.64 billion resulting from hacker attacks and rug pulls.

According to the report, about $1.27 bln of these losses resulted from BNB Chain hacker attacks, with the rest caused by rug pulls incidents.

So far, 228 rug pull cases have been reviewed, with $368 million in losses. Notably, November 2022 recorded the most significant rug pull incident, with one of them, the DeFiAI case, resulting in a loss of $40 million due to rug pull.

Immunefi comments that cumulative losses on the Ethereum chain amount to $3.6 billion; however, only 4.4% of those losses were due to incidents of rug pull—in sharp contrast and, therefore, quite clearly depicting different risk profiles between the two blockchain networks.

Read more: Doja Cat’s X Account Hacked, Pushing Scam Token $DOJA on Solana!

Impact of Hard Forks on BNB Chain Hack’s Security and Financial Loss Mitigation

After hard forks to improve the vulnerabilities on this network, the BNB Chain hack recorded decreased losses in 2023 and 2024. These efforts were part of the constant battle to improve security and reduce further risks on the blockchain.

The report confirms yet another undisputable fact: blockchain networks have continuously been experiencing a security crisis due to the emergence of threats. This warns that more stringent security measures would be highly relevant in ensuring the safety of users’ funds and people’s trust in decentralized finance platforms.