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$1,640,000,000 in Crypto Lost on BNB Chain Since Launch, Says Bug Bounty Platform Immunefi
New data from bug bounty platform Immunefi reveals that nearly $1.7 billion in cryptocurrency has been spent on BNB Chain since its launch in September 2020.
In a new research post, Immunefi He says that BNB Chain has witnessed hundreds of frauds and security incidents since its launch about four years ago.
“In total, we have seen a loss of $1.64 billion on BNB Chain since its inception. $1.27 billion was lost due to cyber attacks in 168 specific incidents, and $368 million was lost due to fraud in 228 specific incidents.
Most of the money was lost due to four specific incidents, including BNB Chain itself, Venus Protocol, Qubit Finance, and Uranium Finance.”
Cybersecurity firm finds BNB Chain is popular for rug pulls and has over twice as many frauds as Ethereum (ETH), the leading smart contract platform.
“Despite efforts to maintain security, a surprising number of users attempt fraudulent activities in the form of rug pulls on the network. Overall, the fraud volume on the BNB Chain was 2.3 times higher than that of Ethereum.”
Immunefi goes on to point out that BNB Chain suffered the most losses between 2021 and 2022, when attackers drained $911 million from the smart contract protocol.
While BNB Chain fared better in 2023, when losses plummeted to $165 million, Immunefi says the crypto project has been plagued by stock thefts.
“Despite the downward trend observed in 2023 across the entire ecosystem, rug pulls accounted for 44% of total losses on BNB Chain in 2023. In comparison, rug pulls on Ethereum accounted for only 1.7% of total losses in 2023, a significant decline from 4.4% in 2022.”
Rug pulls are a type of fraud where a project creates the illusion of credibility to attract investors with the intention of draining as much liquidity as possible later.
BNBThe native token of the BNB chain, at the time of writing, is trading at $532, up 1.68% in the last 24 hours.
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