Scams facilitated on BNB Sensible Chain (BSC) decreased from $55.4 million within the second quarter of 2023 to $13.6 million within the third quarter, in keeping with an AvengerDAO report contributed to by safety agency HashDit. This represents a 75% drop within the quantity misplaced to scams.

In keeping with the safety agency’s evaluation, the drop may be attributed to varied components, together with a rise in general consciousness amongst group members, an uptrend in safety merchandise flagging malicious web sites and actions, and group members figuring out scams early and giving warnings earlier than the scammers can succeed.

Quantity misplaced to BSC scams in 2023. Supply: HashDit

Regardless of the drop, rug pulls represented 67% of complete losses on the blockchain within the third quarter. In keeping with HashDit, this stays BSC’s most typical assault vector. With rug pulls, maliciously appearing initiatives entice buyers with advertising efforts however don’t ship their promised merchandise, and the founders run away with investor funds. 

Reserves and value manipulation have been additionally prevalent on BSC in Q3 2023. In keeping with the report, it’s because hackers are exploiting “poorly designed good contracts.”

Associated: Exploits, hacks and scams stole almost $1B in 2023: Report

On Oct. 20, numerous safety consultants highlighted that malicious actors may prefer BSC because it’s cheaper and is perceived as having lower security than the Ethereum blockchain. According to CertiK security researcher Joe Green, fees on BSC are much lower than Ethereum, but the network’s stability and speed are the same. The researcher believes that because of this, hackers face “no financial pressure” when using BSC.

Magazine: Slumdog billionaire: Incredible rags-to-riches tale of Polygon’s Sandeep Nailwal