New data shows 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 from market intelligence platform DappRadar, there were two dozen incidents in May that resulted in losses of $54 million, a sharp drop from the previous two months, which saw more than $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 seems relatively lower than in previous months, when losses exceeded $100 million, it still highlights the need for increased security measures in the industry.”
DappRadar found that exactly half of the 24 incidents involved the BNB chain, while less than a quarter focused on Ethereum (ETH), the leading smart contract platform.
“The majority of these incidents, exactly 50%, targeted the BNB chain, while 22.7% affected the Ethereum network. This distribution underscores the importance of addressing security gaps in various blockchain ecosystems.”
According to DappRadar, the hacks reiterate the need for stronger blockchain cybersecurity measures and increased investor vigilance as the decentralized applications (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 up to date with the latest security measures and protocols. Implementing the right security measures, such as two-factor authentication and especially cold storage, can help protect investors’ assets from such attacks.”
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