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According to a security report by blockchain security firm HashDit, fraudulent activities conducted on the Binance Coin (BNB) Smart Chain (BSC) ecosystem have decreased from $55.4 million in the second quarter of 2023 to $13.6 million in the third quarter. This represents a 75% decrease in the amount of cryptocurrency lost due to fraud in the BSC ecosystem.
Blockchain Users Need to Be More Cautious
The decrease in fraudulent losses can be attributed to several factors, as analyzed by security firm HashDit. These factors include increasing awareness among community members, security tools flagging malicious websites and activities, and early detection of fraudulent projects by community members, who then issue warnings to the crypto community before the attackers achieve their goals.
Despite the significant decrease in losses caused by fraud, rug-pull attacks still represent 67% of total losses in the blockchain ecosystem during the third quarter. According to HashDit analysts, this remains the most popular attack tactic in the BSC ecosystem.
Projects that act maliciously using the rug-pull method attract investors’ attention, especially through marketing efforts on social media. However, they fail to deliver the promised assets to investors, and the project owners disappear with the investors’ funds.
Hackers’ Preference for BSC Raises Concerns
The third quarter of 2023 witnessed widespread reserves and price manipulation in the BSC ecosystem. The report attributes this to hackers exploiting poorly designed smart contracts on the ecosystem. On October 20th, several experienced security experts revealed that malicious attackers could prefer the BSC ecosystem due to its lower costs and perceived lower security compared to the Ethereum blockchain network.
According to Joe Green, a security researcher at blockchain data analysis platform CertiK, fees in the BSC ecosystem are significantly lower than in Ethereum, while transaction processing and speed remain the same. The researcher believes that hackers using BSC face no financial pressure and continue to prefer the BSC network, especially during rallies in the altcoin market.
