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.
According to a new report from market intelligence platform DappRadar, two dozen incidents involving $54 million in losses occurred in May, a sharp decline from the previous two months, which saw losses of more than of 100 million and 200 million dollars, 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 seem relatively lower than in previous months, where losses exceeded the $100 million mark, it still emphasizes the need for increased security measures in the industry.”
DappRadar found that exactly half of the 24 incidents focused on 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 in different blockchain ecosystems.”
According to DappRadar, the attacks reiterate the need for stronger cybersecurity measures for blockchains and increased investor vigilance, as the decentralized application (DApp) sector is vulnerable to vulnerabilities.
“The DApp industry is highly susceptible to hacks and exploits. It is crucial that investors and traders stay up to date on the latest security measures and protocols. Implementing proper security measures, such as two-factor authentication and especially cold storage, can help protect investor assets from such attacks.”
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Featured image: Shutterstock/betibup33
