New knowledge from bug bounty platform Immunefi finds that almost $1.7 billion in crypto property have been drained on BNB Chain since its September 2020 inception.
In a brand new analysis publish, Immunefi says that BNB Chain witnessed a whole bunch of fraud and safety incidents after launching about 4 years in the past.
“In whole, now we have seen a lack of $1.64 billion on BNB Chain since its inception. $1.27 billion was misplaced to hacks throughout 168 particular incidents, and $368 million was misplaced to fraud throughout 228 particular incidents.
A lot of the sum was misplaced via 4 particular incidents, together with BNB Chain itself, Venus Protocol, Qubit Finance, and Uranium Finance.”
The cybersecurity agency finds that the BNB Chain is in style for rug pulls and has over two occasions extra fraud than Ethereum (ETH), the main sensible contract platform.
“Regardless of efforts to take care of safety, a stunning variety of customers try fraudulent actions within the type of rug pulls on the community. General, the quantity of fraud on the BNB Chain was 2.3x that of Ethereum.”
Immunefi goes on to notice that the BNB Chain suffered the vast majority of losses between 2021 and 2022 when unhealthy actors drained $911 million from the sensible contract protocol.
Whereas BNB Chain fared higher in 2023 when losses plunged to $165 million, Immunefi says the crypto mission has been suffering from rug pulls.
“Regardless of the downward pattern witnessed in 2023 throughout the ecosystem, rug pulls accounted for 44% of the full losses on BNB Chain in 2023. Compared, rug pulls on Ethereum made up only one.7% of whole losses in 2023, marking a major lower from 4.4% in 2022.”
Rug pulls are a kind of fraud scheme the place a mission creates the phantasm of credibility to draw buyers with the intention of draining as a lot liquidity as doable in a while.
BNB, the native token of the BNB Chain, is buying and selling for $532 at time of writing, a 1.68% enhance over the last 24 hours.
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