Salus, a web3 security firm, has recently released its BNB Chain 2024 Security Report, showcasing a significant 83.3% reduction in financial losses on BNB Smart Chain (BSC) in the second quarter of 2024 compared to the same period in 2023. This positive trend is further emphasized by a 19% decrease in total losses and an 18.6% decrease in the number of security incidents in Q2 2024 compared to Q1 2024.
The report not only analyzes the security events that occurred on BSC during Q2 2024 but also explores the types of projects that were targeted. It highlights common attack techniques employed during this period and provides insights into the financial losses incurred. For instance, the total loss amount on BSC dropped by 19% to approximately $11.7 million in Q2 2024 compared to Q1 2024, demonstrating the effectiveness of security measures implemented within the BNB Chain ecosystem.
In terms of the broader blockchain industry, BSC represented 5.97% of the total $95,552,224 stolen across all chains in Q2. The most frequent attack vectors identified were contract vulnerabilities and exit scams, with a noticeable decrease in both the total amount and number of incidents in Q2 compared to Q1. This positive trajectory underscores the commitment of the BNB Chain team and community to enhancing security measures and safeguarding users.
BNB Chain continues to solidify its position as a key player in the industry, with growing daily active users and transaction counts. The report’s findings indicate a quarter marked by a significant reduction in both total losses and security incidents, reflecting the ecosystem’s resilience and proactive security efforts. Moving forward, BNB Chain’s AvengerDAO will focus on identifying scam projects early, monitoring malicious activities, and expanding outreach to inform users of potential risks.
As a community-driven blockchain ecosystem, BNB Chain comprises BNB Smart Chain (BSC), opBNB, and BNB Greenfield, each serving distinct purposes within the ecosystem. The AvengerDAO community plays a crucial role in protecting BNB Chain users, while Red Alarm provides real-time risk scanning for DApps. Additionally, the ecosystem offers monetary and ecosystem rewards through its Builder Support Program, further enhancing user engagement and security.
Overall, the Security Report highlights the continuous efforts of the BNB Chain team and community to enhance security measures and protect users from potential risks. By prioritizing security and proactive risk mitigation strategies, BNB Chain aims to maintain its position as a secure and reliable blockchain ecosystem for Web3 adoption. Users can access the full Security Report for detailed insights into the security landscape of BNB Chain in Q2 2024.