Comparatively, in 2022, the BNB Chain had suffered losses of over $1.1 billion in crypto assets. Furthermore, there were fewer security violations reported during that period. Analysts from Avenger DAO noted that the second quarter of 2023 was particularly costly, with 127 incidents resulting in losses amounting to approximately $69.5 million. However, in the last quarter of the year, the damage decreased significantly, with only $15.6 million stolen in 86 incidents.
Unlike the previous years, when hacker attacks constituted the majority of financial losses, the largest portion in 2023 was attributed to fraud, amounting to $87.9 million. In contrast, losses incurred from hacking-related incidents decreased from $870.8 million in 2022 to $73.2 million in 2023.
“The number of hackers is growing at an alarming rate due to the utilization of cryptocurrency mixers and exchanges that do not require the completion of the KYC procedure, which makes tracking their identities challenging,” the research report mentioned.
When comparing losses across different blockchains in the fourth quarter of 2023, Ethereum topped the list with 66% of all fiat losses. Tron secured the second place with 13.62%, while Arbitrum stood at the third spot with 5.33%. BNB Chain accounted for a mere 3.81% of the total losses. Avenger DAO’s collaboration with other players in the crypto industry allowed for the successful return and freezing of crypto assets worth $7.3 million on the BNB Chain network alone. In total, cryptocurrencies valued at $55 million were reclaimed.
In an unrelated event, South Korean law enforcement agencies recently discovered that hackers from North Korea had stolen $180 million in cryptocurrency during the first half of 2023.