CryptoETHCrypto Hacks Decline in August Amid Surge in BNB Chain Exploits

Crypto Hacks Decline in August Amid Surge in BNB Chain Exploits

The cryptocurrency industry, often plagued by frequent hacks and scams, saw a significant reduction in the amount of crypto stolen in August 2024, according to a recent report by bug bounty platform Immunefi. The report highlights that approximately $15 million in crypto assets were stolen in August, marking a notable decline compared to previous months. This brings the total amount stolen in 2024 to just over $1.2 billion.

While the total amount of crypto stolen this year reflects a 15% increase compared to 2023, the losses have been spread across more than 150 incidents in the first eight months of 2024, Immunefi reported. The majority of these attacks targeted decentralized finance (DeFi) platforms, not due to vulnerabilities in the code or stolen private keys, but rather due to targeted scams, particularly on the BNB Chain.

The BNB Chain has become a preferred target for hackers conducting rug pulls and other crypto heists, according to a separate report by Immunefi. The increased frequency of these scams is partly attributed to the proliferation of forked code on the BNB Chain, which recently underwent several hard forks—ZhangHeng, Plato, and Hertz—aimed at enhancing security. Despite these efforts, BNB Chain remains vulnerable, with $1.64 billion stolen since its inception in 2017. This figure is expected to rise as hackers continue to exploit high-value opportunities on the network.

Ethereum, another major blockchain network, has also been affected by numerous hacks and scams, resulting in substantial financial losses for its users. Although August saw a decrease in the overall amount of stolen crypto, the persistent targeting of platforms like BNB Chain and Ethereum underscores the ongoing challenges in securing digital assets in the evolving crypto landscape.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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