According to the latest AvengerDAO report by security firms CertiK, Hashdit, Ancilia, and Salus, the BNB Chain has seen an 85% decrease in crypto losses in 2023, breaking a three-year rising trend. In previous years, losses on the BNB Chain had been steadily increasing, reaching a peak in 2022 with over $1.1 billion in stolen cryptocurrency. However, in 2023, the network experienced a significant drop to $161 million in losses.
While the total value stolen has declined, the report highlights an increase in both hacking and scam attempts in 2023. There was a 96% yearly increase in hacks, totaling 210, and a 14% rise in scam attempts compared to 2022. A BNB chain core development team representative attributed the reduction in lost funds to rapid alerts created by the decentralized autonomous organization (DAO) to warn the community against potential bad actors.
The representative stated that the decrease in BNB Chain losses is largely due to AvengerDAO’s quick alerts, which help minimize the number of users involved in potential scams. Despite the actual number of hacking or scam attempts not decreasing last year, these alerts have been effective in reducing losses.
The BNB Chain team reported an increase in the number of “Red Alerts” used in 2023 to warn community members about potential risks. Security firm Hashdit sent around 3,500 alerts through its Red Alarm tool, with 330 alerts issued in 2023 alone. The representative also mentioned that AvengerDAO will continue to increase its collaboration with partners to protect the community from exploits, scams, and malicious actors, which may further enhance the security of the ecosystem.
Overall, the BNB Chain’s efforts in improving security measures and community alert systems have contributed to a substantial reduction in crypto losses, despite the rise in hacking and scam attempts.