HomeNewsBNB Chain's Crypto Losses Drop Drastically in 2023

BNB Chain’s Crypto Losses Drop Drastically in 2023

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  • BNB Chain experienced an 85% decrease in crypto losses in 2023, breaking a three-year trend of increasing losses.
  • The decline in losses is attributed to the effectiveness of AvengerDAO’s alert system and increased security measures.

In a remarkable turnaround, the BNB Chain, formerly known as Binance Smart Chain, has reported a significant decrease in crypto asset losses in 2023. According to a recent report by AvengerDAO, a collective effort by security firms CertiK, Hashdit, Ancilia, and Salus, the total crypto lost due to heists on the BNB Chain plummeted by 85% compared to the previous year.

A Significant Security Improvement

The AvengerDAO report highlights a striking contrast from the previous years, where the BNB Chain ecosystem experienced a consistent increase in losses since 2020, peaking at over $1.1 billion in 2022. However, in 2023, the network’s losses were significantly curtailed to approximately $161 million.

Reduction in Hacks and Scams

In addition to the overall decrease in losses, there was a notable reduction in the amount lost through hacks and scams on the BNB Chain. The report indicates a 91% decrease in funds lost to hacks and a 54% decrease in losses to scams in 2023. This improvement comes despite an increase in the number of hack and scam attempts, which rose to 210 and 2,023 respectively.

The Role of AvengerDAO

The AvengerDAO, a decentralized autonomous organization dedicated to safeguarding the BNB Chain community, played a crucial role in this achievement. By promptly issuing alerts about potential bad actors and scams, the DAO effectively minimized user participation in hazardous activities. The BNB Chain Core Development Team credits the reduction in losses to AvengerDAO’s timely and efficient alert system.

In 2023, the security firm Hashdit, a partner in AvengerDAO, issued around 3,500 alerts through its Red Alarm risk screening tool. Additionally, approximately 330 alerts were posted on X (formerly Twitter), further enhancing community awareness and protection.

Expanding Partnerships for Enhanced Security

Looking ahead, the AvengerDAO plans to expand its partnerships to continue improving the ecosystem’s security. This proactive approach aims to further safeguard the BNB Chain community from exploits, scams, and malicious actors, ensuring a more secure and trustworthy environment for crypto users and investors.

The substantial decrease in crypto losses on the BNB Chain in 2023 signals a pivotal moment in the network’s security evolution. With vigilant measures and community-focused alert systems in place, the BNB Chain demonstrates a strong commitment to enhancing security and fostering trust within the crypto space.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628