The BNB Chain witnessed a substantial decrease in total financial losses during Q2 2024 compared to the same period in the previous year. Salus, a leading Web3 security firm renowned for its scientific approach to security challenges, has published the BNB Chain 2024 Security Report. This report reveals a remarkable 83.3% reduction in financial losses on the BNB Smart Chain (BSC) between Q2 2024 and Q2 2023. Additionally, the report highlights a 19% decrease in total losses and an 18.6% decrease in security incidents during Q2 2024 as compared to Q1 2024.
In-depth analysis of security events on the BSC platform during Q2 2024 sheds light on the targeted projects, common attack techniques, and the resultant financial losses. The report emphasizes the positive outcomes seen during this period, including a 19% drop in loss amount to approximately $11.7 million in Q2 2024 compared to Q1 2024. Furthermore, there was a significant improvement with an 83.3% reduction in total financial losses on BSC during Q2 2024 in comparison to Q2 2023.
During Q2, BSC accounted for nearly 6% of the total amount stolen across all chains, showcasing its growing significance in the blockchain industry. The report identifies contract vulnerabilities and exit scams as the primary attack vectors, with notable decreases in both the total amount lost and the number of incidents from Q1 to Q2 2024.
The success of security measures implemented on the BNB Chain is evident through these results, reflecting a commitment to enhancing the ecosystem's security. BNB Chain's performance remains strong, attracting more daily active users and transactions. The report highlights a quarter marked by reduced financial losses and security incidents, indicating the effectiveness of the implemented security protocols.
The proactive measures taken by the BNB Chain team and community are applauded for their resilience in the constantly evolving landscape of blockchain security. Moving forward, the AvengerDAO of BNB Chain aims to enhance its capabilities in identifying scam projects early, prioritizing projects with significant liquidity, monitoring malicious activities, and alerting users to potential risks promptly.
About BNB Chain:
BNB Chain is a community-centric blockchain ecosystem dedicated to advancing Web3 adoption. It comprises the BNB Smart Chain (BSC), a secure DeFi hub with low gas fees, opBNB for scalable L2 solutions, and BNB Greenfield for decentralized storage needs. The ecosystem's emphasis on security is evident through AvengerDAO's efforts to safeguard users and Red Alarm's real-time Dapp risk-scanning service.
For more information, visit the BNB Chain website.
