BNB smart chain fraud losses fell by 75% in the third quarter

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Scams on the BNB Smart Chain (BSC) decreased from $55.4 million in the second quarter of 2023 to $13.6 million in the third quarter, according to an AvengerDAO report provided by security firm HashDit. This represents a 75% reduction in funds lost to fraud.

According to the security firm’s analysis, this decline can be attributed to a number of factors, including a general increase in awareness among community members, a growing trend of security products flagging malicious websites and activity, and community members identifying scams early and providing advance warning. Liars can succeed.

Amount lost to BSC scams in 2023. Source: HashDit.

Despite the decline, carpet pulling still accounted for 67% of all blockchain losses in the third quarter. According to HashDit, this remains the most common attack method on BSC. Under pull, projects maliciously market themselves to attract investors but fail to deliver the promised product, and the founders abscond with the money.

Price manipulation on BSC was also widespread in Q3 2023. The report said this behavior was caused by hackers exploiting “poorly designed smart contracts.”

On October 20, many security experts emphasized that Malicious actors may prefer BSC Because it is cheaper and potentially less secure than the Ethereum blockchain. Joe Green, a security researcher at CertiK, said that BSC 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 “do not have to face financial pressure” when using BSC.

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