BNB Chain Suffers $1.64 Billion in Hacks and Rug Pulls, Immunefi Reports

IconCryptoNewsTerminal Staff11 Jul, 2024

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BNB Chain Suffers $1.64 Billion in Hacks and Rug Pulls, Immunefi Reports

BNB Chain, a popular blockchain network, has suffered approximately $1.64 billion in hacks and scams since its inception in 2017, according to a report from bug bounty platform Immunefi. A significant portion, $1.27 billion, was lost to hacks, while the remaining $367 million was attributed to rug pulls. Immunefi's report highlights the growing prevalence of malicious activities within the blockchain ecosystem. BNB Chain's security has come under scrutiny due to a number of high-profile hacks in recent years. This includes the October 2022 exploit that resulted in the theft of over $500 million from the BSC Token Hub. Despite implementing security measures, the blockchain network continues to be a target for hackers. Experts emphasize the need for robust security practices and user vigilance to mitigate these threats.

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