New data reveals that 50% of all crypto hacks and exploits during the month of May targeted BNB Chain (BNB), the blockchain of Binance, the world’s largest crypto exchange platform.
According to a new report by market intelligence platform DappRadar, May saw two dozen incidents amounting to $54 million in losses, a sharp decrease from the two previous months, which saw over $100 million and $200 million in losses, respectively.
“According to data from the REKT Database, May 2023 recorded 24 incidents, resulting in a combined loss of $54 million. While this figure may appear relatively lower than the preceding months, where losses exceeded the $100 million mark, it still emphasizes the need for heightened security measures in the industry.”
DappRadar found that exactly half of the 24 incidents singled out the BNB Chain while less than a quarter of them targeted Ethereum (ETH), the leading smart contract platform.
“The majority of these incidents, precisely 50%, targeted the BNB chain, while 22.7% affected the Ethereum network. This distribution underscores the importance of addressing security gaps across different blockchain ecosystems.”
According to DappRadar, the hacks reiterate the need for stronger cybersecurity measures for blockchains and more vigilance on the part of investors as the decentralized application (DApp) sector is vulnerable to exploits.
“The DApp industry is highly susceptible to hacks and exploits. It is crucial for investors and traders to stay updated on the latest security measures and protocols. Implementing proper security measures, such as two-factor authentication and especially cold storage, can help protect investors’ assets from such attacks.”
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