In the last quarter of the year, there has been a significant reduction in scam-related losses on the BNB Smart Chain (BSC) Blockchain.
According to AvengerDAO’s security report, fiat losses decreased by 37%, from $69 million in the second quarter to $43.5 million in the third.
This was largely due to a decrease in the number of hacks, with 45 incidents in the third quarter compared to 79 in the previous quarter.
On deeper analysis, BNB Smart Chain ranks fourth in terms of fiat losses compared to other cryptocurrency chains.
Ethereum leads with 36% of the losses, followed by Tron with 32%, and Fantom with 15%. BNB Smart Chain represents 4% of total losses in the third quarter.
The most common scams on BSC remain rugpulls, accounting for 67% of fiat losses in the third quarter. These “rugpulls” mean that malicious projects attract investors with attractive promises, but eventually disappear with the investors’ funds.
Despite the decrease in the number of scams in BNB, it is crucial to remain cautious
It is recommended to verify the authenticity of projects and use multiple wallets for different activities, as well as check the security and risk ratings of smart contracts.
On the other hand, developers should prioritize transparency and auditing of smart contracts, as well as implement bug bounty programs.
Security must be at the center of development, with rigorous testing and constant monitoring.
Despite the challenges, BSC’s security trend is positive, with a 75% reduction in losses due to exploits between the second and third quarters.
This progress is the result of heightened awareness and a stronger focus on security, the widespread availability of Web3 security products, and the capability to spot scams in their initial phases.
Furthermore, the community has contributed significantly by detecting and warning about scams at an early stage, which has greatly contributed to reducing scam-related losses on BNB Smart Chain.
This active collaboration and proactive application of security measures are critical factors in maintaining a more secure ecosystem on BNB Smart Chain.
