According to an AvengerDAO report provided by security firm HashDit, scams facilitated on BNB Smart Chain (BSC) decreased from $55.4 million in the second quarter of 2023 to $13.6 million in the third quarter. This means that the amount of fraud losses dropped by 75%.
According to the security firm’s analysis, this decline can be attributed to a number of factors, including increased overall awareness among community members, an upward trend in security products flagging malicious websites and activity, and community members identifying scams early and signaling them before scammers detect them. Warning. success.
Despite the decline, carpet pulling still accounted for 67% of total blockchain losses in the third quarter. According to HashDit, this remains the most common attack vector against BSC. Projects with bad intentions use marketing efforts to attract investors, but by failing to deliver the promised product, the founders walk away with investors’ funds.
Reserves and price manipulation were also widespread on BSC in Q3 2023. This is because hackers are exploiting “poorly designed smart contracts,” the report said.
related: Exploits, hacks and scams stole nearly $1 billion in 2023, report says
On October 20, multiple security experts emphasized that malicious actors may prefer BSC because it is cheaper than the Ethereum blockchain and is considered less secure. CertiK security researcher Joe Green said that BSC’s fees are much lower than Ethereum, but the stability and speed of the network are the same. The researchers believe that because of this, hackers “face no financial pressure” when using BSC.
Magazine: Slumdog Billionaire: The Incredible Rags to Riches Story of Polygon’s Sandeep Nailwal
Svlook
