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BNB Chain Losses of Blockchain Attacks

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BNB Chain lost more than $750 million to hackers in 2022, making it the worst victim of blockchain attacks last year.

2022 has been a difficult year for the crypto industry, with a significant decrease in the value of the main assets, liquidity issues for many companies, and a negative number of financial filings. The industry has also faced serious security threats as hackers have stolen billions of dollars from DeFi users and legal systems.

A report from the blockchain security company SlowMist, titled “Blockchain Security and AML Analysis,” provided insight into the security situation of various sectors of the crypto industry, analyzing the total amount and more than 300 hacks that occurred in 2022.

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Hackers Stole More Than $3.7 Billion in 2022

According to the document, 303 blockchain-related security incidents occurred last year, causing an estimated loss of $3.7 billion (calculated at the market price at the time of exploitation).

The amount lost represents a 61% reduction from the $9.795 billion lost in 2021, although SlowMist does not take into account lost profits due to market fluctuations. The report revealed that around 255 securities related to different ecosystems, including DeFi, cross-chain bridges, and non-fungible tokens (NFT). In addition, there are 10 security measures related to crypto exchanges, 11 attacks on public chains, 6 wallets, and 21 other types.

The DeFi ecosystem lost $2.075 billion to runners, about 55% of the year’s loss, while the bridge exceeded $1.212 billion in total revenue, about 32% of the total revenue in the year.

According to the newspaper, 56 security incidents were reported in the NFT space, resulting in a loss of more than $65.44 million. “Most of these events are caused by phishing attacks, accounting for about 39% (22 events), followed by Rug Pulls, accounting for about 21% (12 events). Almost 30% (17 incidents) were caused by weak contracts or other internal factors,” the report says.

BNB Chain-The Most Popular Hack of 2022

The report shows that BNB Chain (previously known as Binance Smart Chain – BSC) was the worst offender of blockchain security last year. The blockchain suffered 79 attacks, resulting in a loss of $785 million. The study found that blockchain mixers have grown in popularity over the past year, and are hackers’ favorite tools to launder their ill-gotten gains. According to the report, 1,233,129 ETH (approx. $2.83 billion in Tornado Cash crypto mixer is currently licensed, while 40,065 BTC is stored in ChipMixer in 2022.

The report also revealed that some companies have started implementing effective blockchain anti-money laundering measures to prevent attackers from profiting from their crimes. Stablecoin providers Tether and Circle blocked 376 addresses in 2022 to prevent the money in the wallet from being moved by attackers.

Meanwhile, after crypto theft reached $3.7 billion in 2022, another report revealed that illegal crypto transactions reached $20 billion in the same period.

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