A third-quarter report revealed a remarkable drop in losses connected to scams on BNB Smart Chain. Compared to the previous quarter, the blockchain witnessed about a 75% reduction in scam losses in Q3.
AvengerDAO released its Q3 Security Report with contributions from the security firm HashDit. The report disclosed that BNB only recorded $13.6 million in scam losses in the third quarter as against $55.4 million in Q2.
Report Notes Potential Factors That Aided the Decline in Scam Losses on BSC
According to the report, the security company gave some potential factors that facilitated the significant decline in losses on the blockchain.
💡 Exciting insights from the latest AvengerDAO Q3 Report contributed by Hashdit! 📊
Let’s dive into the key findings of security events on BNB Smart Chain (BSC) during Q3. https://t.co/jFZk5Ua5pX
— BNB Chain (@BNBCHAIN) November 7, 2023
First, the overall crypto space has seen changes in security trends aimed at enhancing the security of a protocol’s ecosystem. BSC is not left out in such improvements.
The BNB Smart Chain saw an increased sensitization among its community of users. Also, it beefed up its security checks that flag malicious activities and websites. Moreover, some community members are quite vigilant and can identify scams quite early.
Also, they spread warnings about suspicious activities and information before the perpetrators could complete their tricks. The report revealed that BSC witnessed a 37% drop in fiat losses. The metric dipped from $69 million in the second to $45.5 million in Q3.
This decrease is also reflected in the number of hacks on the chain, which moved from 79 in Q2 to just 45 in Q3. Compared to other crypto blockchains, BSC took the fourth position for fiat losses in Q3.
It represented 4% of the total fiat losses within the crypto space for the quarter under review.
Ethereum emerged as the biggest fiat loser with 36%. Tron took second place with 32%, while Fantom had the third position with 15% of the total fat loss. Rugpulls turned out to be the biggest source of loss on BSC, with 76% of total losses on the chain in Q3. HashDit noted that rug pull is BSC’s “most common exploit vector.”
Further, the report indicated that reserve manipulation and price manipulation took the second and third positions, respectively, in Q3. A combination of the two vectors represents 12% of total losses on the BNB Smart Chain in the third quarter.
Moreover, the BSC recorded other common attacks associated with the blockchain’s security. These include compromised private keys (1.68%), access control issues (2.52%), and lack of validation (3.36%).
Is BNB Smart Chain A Preferable Option For Hackers?
Though crypto scams and hacks could occur in any crypto platform, BSC seems to be among the most affected by blockchain in the industry.
Last month, some security professionals gave some indications as to why BNB Smart Chain could be a preferable choice for most hackers. They noted that BSC offers cheaper transaction costs, and some believe it’s less secure than the Ethereum blockchain.
In an exclusive discussion with Cointelegraph, Joe Green, a security researcher at CertiK, a blockchain security company, acknowledged the cheaper fees on BSC.
Also, he noted that both BSC and Ethereum have the same speed and network stability, making hackers stick with the BSC platform.
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