Crypto With BNB Chain Off, Down 85% By 2023: Report

The amount of crypto lost on the BNB chain broke a three-year growth streak, dropping 85% by 2023, according to the latest AvengerDAO report by security firms CertiK, Hashdit, Ancilia and Salus.

In the report, the security firms' losses on the BNB chain have increased steadily since 2020, reaching a peak in 2022. That year, the BNB Chain ecosystem recorded more than $1.1 billion in stolen crypto assets. However, in 2023, the network saw its losses drop to $161 million — a significant drop from 2022.

The report also indicated that frauds and scams on the BNB Chain have reduced the amount of money stolen. For hacking, the loss rate decreased by 91 percent, and frauds decreased by 54 percent by 2023.

While the amount of stolen value is low, the report highlights an increase in both hacking and fraud attempts in 2023. The year saw 210 hacks, a 96 percent increase, while 2,023 fraud attempts were made, a 14 percent increase from 2022.

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A representative of the BNB Chain Core Development team believes that the decrease in the amount of money lost in the BNB Chain network can be attributed to the rapid alerts that the Decentralized Autonomous Organization (DAO) creates to warn the public of bad actors. He explained.

“Indeed, hacking or fraud attempts have not decreased in the past year, so the loss on BSC has decreased. [the BNB Chain] It can be largely attributed to AvgerDAO's quick alerts to reduce the number of users involved in fraud.

BNB Chain team in 2018 In 2023, he stated that the number of “red alerts” has increased, which uses a risk detection tool to warn the public about possible dangers. The representative explained that Hashdit, a security firm, sent about 3,500 alerts through RedAlrm in 2023, with 330 alerts posted on X (formerly Twitter).

Additionally, the representative told Cointelegraph that AvengerDAO, which is designed to protect the community from exploitation, fraud and malicious actors, will continue to expand the number of partners it works with. This allows the DAO to continue improving the ecosystem's security.

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