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Did BNB Chain overcome its security challenges in Q3?

Press Releases Crypto News AMB-Crypto Did BNB Chain overcome its security challenges in Q3?

Implementing the Plato and Hertz hard forks helped mitigate the risk of attacks on the BNB Chain.
A total of 126 incidents occurred, with over $43 million lost.

Many things can be said about the crypto sector. But one thing that people cannot deny is the fact that the evolution of the ecosystem has given rise to unimaginable opportunities for newbies and experienced participants alike.

Amid the pros, there is also no denying that the industry has bad eggs that have made it their mission to dilute the good work of other players. So, it is almost impossible not to experience scams, hacks, and rug pulls here and there.

That leads us to the third quarter (Q3) report, in which we assess BNB Chain’s security performance.

But before diving into that, let’s give a quick breakdown of what a rug pull is. A rug pull happens when a fraudulent developer hypes a cryptocurrency project, attracts investment, and then disappears with the funds later on.

Such events have been one of the reasons blocking the adoption rate of the crypto ecosystem. Because of this, it is important to evaluate what different chains are doing to reduce these recurring incidents.

Thanks to Hertz and Plato

As mentioned earlier, this article will focus on the BNB Smart Chain (BSC). The BNB Chain is the largest smart contract blockchain in terms of transaction volume and active users. This is because the chain is compatible with several protocols that want to build smart contract applications.

According to the Q3 security report by blockchain firms AvengerDAO and HashDit, the loss of funds via the BNB has significantly reduced when compared with the figures in 2022. AMBCrypto’s evaluation of the report revealed that there was notable improvement between Q2 and Q3 2023.

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Author: Victor Olanrewaju

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