A comprehensive security summary of the BNB Smart Chain for 2023 has been compiled by AvengerDAO in collaboration with Hashdit, CertiK, Ancilia, and Salus Security. This report provides an in-depth analysis of the BSC environment in 2023, assessing various types of projects targeted and commonly used attack techniques, alongside their implications on financial losses.
Key Findings:
1. In 2023, $161,176,631 was lost across 414 security incidents, marking an 85% decline from the 2022 total of $1,116,500,600.
2. The second financial quarter (Q2) was the most costly, with $69,454,256 lost across 127 incidents.
3. Rugpulls was the most damaging attack technique, amassing losses totaling $49,356,032 across 165 incidents.
4. BSC ranked 4th in total losses amongst chains, representing 8% of the complete loss, averaging at $389,315 per incident.
5. A rising 'Wallet Drainer Scams' trend was noted, targeting users weak in security awareness.
6. The biggest hitting chain targeted by Wallet Drainer Scams was Ethereum.
7. Major losses were attributed to Bridge projects (60.38% of financial loss), as they generally hold large amounts of crypto assets.
8. Comparatively, BSC losses reduced by 85% against a 85% decline in DeFi's Total Value Locked (TVL) across all chains.
In conclusion, while 2023 saw a decreased amount of funds lost to exploits, it is evident that hackers and scammers are continuously refining their methods. There is a pressing need for stringent audit guidelines, in-depth root cause analyses of key incidents, proactive identification of potentially fraudulent projects, and extensive monitoring of malicious activities.
