BNB Chain became a place full of scams in the first quarter of 2023, with more than 73.3% of such scams in the BNB Chain ecosystem, according to an April 4 report from blockchain security firm Immunefi.
The report, titled “Crypto Losses in Q1 2023,” examined crypto-related hacks and scams in the first quarter of the year, finding that Ethereum and the BNB Chain were the two biggest targets for hackers and scammers. 68.8% of the total losses were caused by these networks combined. BNB Chain, in particular, accounted for 41.3% of all losses from hacks and scams.
Notably, the “Rug Pull” scam reigns supreme on the BNB Chain, with Immunefi stating that 73.3% of all rug pulls in the crypto ecosystem took place on the BNB Chain in the first quarter.
“BNB Chain continues to have serious problems with fork code developers and the community lacks a security solution and attracts a large number of users who are looking for a quick way to make money. That’s why we continue to see the highest number of exploits and rug pulls in this ecosystem,” predicts Adrian Hetman, head of technology at Immunefi.
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