New knowledge from bug bounty platform Immunefi finds that just about $1.7 billion in crypto property have been drained on BNB Chain since its September 2020 inception.
In a brand new analysis publish, Immunefi says that BNB Chain witnessed a whole bunch of fraud and safety incidents after launching about 4 years in the past.
“In complete, we’ve got seen a lack of $1.64 billion on BNB Chain since its inception. $1.27 billion was misplaced to hacks throughout 168 particular incidents, and $368 million was misplaced to fraud throughout 228 particular incidents.
Many of the sum was misplaced by 4 particular incidents, together with BNB Chain itself, Venus Protocol, Qubit Finance, and Uranium Finance.”
The cybersecurity agency finds that the BNB Chain is well-liked for rug pulls and has over two instances extra fraud than Ethereum (ETH), the main sensible contract platform.
“Regardless of efforts to take care of safety, a shocking variety of customers try fraudulent actions within the type of rug pulls on the community. General, the quantity of fraud on the BNB Chain was 2.3x that of Ethereum.”
Immunefi goes on to notice that the BNB Chain suffered the vast majority of losses between 2021 and 2022 when unhealthy actors drained $911 million from the sensible contract protocol.
Whereas BNB Chain fared higher in 2023 when losses plunged to $165 million, Immunefi says the crypto challenge has been tormented by rug pulls.
“Regardless of the downward pattern witnessed in 2023 throughout the ecosystem, rug pulls accounted for 44% of the whole losses on BNB Chain in 2023. Compared, rug pulls on Ethereum made up only one.7% of complete losses in 2023, marking a major lower from 4.4% in 2022.”
Rug pulls are a sort of fraud scheme the place a challenge creates the phantasm of credibility to draw traders with the intention of draining as a lot liquidity as attainable in a while.
BNB, the native token of the BNB Chain, is buying and selling for $532 at time of writing, a 1.68% improve over the last 24 hours.
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