BNB Chain Reportedly Witnessed a Loss of Over $14M Across 43 Security Incidents in Q1 2024

Blockchain firm CertiK reports that during Q1 2024, BNB Chain noted continuous development in its security measures “resulting in a 55.8% decrease in value lost compared to the same period last year.”

As stated in a blog post from CertiK, BNB Chain witnessed “a loss of $14,446,914 across 43 incidents, leading to an average loss of $335,974 per incident and a median loss of $151,476.”

As mentioned in the update from CertiK, this is said to be “an improvement compared to the loss of $32,661,970 across 140 incidents during Q1 2023.”

The report further noted that this is “reduction in losses is indicative of successful security measure implementations and consistent efforts towards a more secure BNB Chain ecosystem.”

When compared to the previous quarter – Q4 2023, which “came in at $14,544,665 across 44 incidents – losses in Q1 were almost identical.”

Build N Build Chain or BNB Chain, is describe as being one of the most widley-use blockchains or distributed ledger tech (DLT) networks in the world, “dedicated to delivering its core infrastructure necessary for future public adoption, and always remains as a community-first and open-source ecosystem built on a permissionless and decentralized environment.”

In other recent updates shared by CertiK, they’re pleased to announce a series of new features designed to elevate blockchain security and compliance.

SkyInsights’ latest updates include “an advanced compliance suite, sophisticated sanctions screening, and expanded blockchain support.”

These innovations provide their users “with the tools they need to manage risks effectively and maintain operational integrity in the fast-moving blockchain space.”

These enhancements and new features demonstrate Certik’s commitment “to providing solutions that empower clients to maintain high standards of compliance, security, and operational efficiency in the evolving landscape of blockchain technology.”

In another key announcement, CertiK explains that formal verification is a process that mathematically proves the correctness of a system, ensuring it “behaves exactly as intended under all defined conditions.”


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