The most recent AvengerDAO research by security firms CertiK, Hashdit, Ancilia, and Salus states that the quantity of cryptocurrency lost on BNB Chain reversed a three-year trajectory and fell by 85% in 2023.Losses on the BNB Chain have been steadily rising since 2020, with a peak observed in 2022, according to the security firms’ research.Around $1.1 billion worth of cryptocurrency assets were reported stolen in that year by the BNB Chain ecosystem.The network’s losses in 2023, however, dropped sharply from 2022 to $161 million.
The research also mentioned a decrease in the amount of money taken through scams and hacks on the BNB Chain.In 2023, the amount lost due to cyberattacks decreased by 91%, while the amount lost due to scams decreased by 54%.
The research emphasizes that although the value of thefts decreased, there was an increase in fraud and hacking efforts in 2023.There were 2023 fraud attempts, up 14% from 2022, and 210 hacks, up 96%, during the year.According to a member of the BNB Chain Core Development Team, the prompt notifications that the decentralized autonomous organization (DAO) sends out to alert the community about possible malicious actors are the reason why there are less funds lost in the BNB Chain network.They gave an explanation.
“There was actually no decrease in attempted hacks or scams last year, so the reduction of losses on BSC [the BNB Chain] can be largely attributed to AvengerDAO’s quick alerts to minimize the number of users participating in potential scams.”
The BNB Chain team clarified that there was a rise in “Red Alarms” in 2023, which notify community members of possible hazards by using a risk screening mechanism.According to the spokesman, in 2023, Hashdit, a security business, delivered about 3,500 alerts through Red Alarm, and 330 of those alerts were posted on X, which was formerly Twitter.Furthermore, the spokesperson informed Cointelegraph that AvengerDAO will keep growing the number of partners it collaborates with. AvengerDAO was created to safeguard the community against frauds, exploits, and hostile actors.This will enable the DAO to keep enhancing the security of the ecosystem.