BSC and Ethereum ecosystems suffer losses of $1.4 billion due to cyber attacks

Started by Hosting News, Jan 31, 2023, 01:56 AM

Previous topic - Next topic

Hosting NewsTopic starter

Hackers stole over $3.5 billion worth of cryptocurrencies in 2022, indicating blockchain technology's vulnerability to hacking, according to the Atlas VPN team.

Despite having a decentralized infrastructure that's intended to prevent fraud, hackers managed to compromise several blockchain systems and networks, leading to substantial losses for victims.

The BSC ecosystem sustained losses of $870 million across 76 attacks, while the Ethereum ecosystem had 49 events that caused losses exceeding $500 million. Also, 48 hacks resulted in almost $370 million in losses for other crypto-related projects and individuals. Although the number of blockchain incidents fell by 43% in the third quarter due to the market downturn, it increased again in the fourth quarter with 68 incidents, resulting in more than $1 billion in stolen profits.
As blockchain technology continues to gain popularity, experts predict that hacking attempts will become more frequent and more sophisticated.
    The following users thanked this post: Sevad


In the world of cryptocurrencies and blockchain, it's not surprising that there's a lack of accountability. When the technology is decentralized, it's difficult to pinpoint responsibility for incidents that could potentially result in financial losses.

This raises concerns about the security and reliability of blockchain networks. With no central authority figure to regulate and maintain the integrity of these systems, it's up to individual participants to enforce security measures.

However, this is easier said than done, and the risk of cyber attacks looms large. In the absence of a clear framework for accountability, victims of attacks may struggle to recover their losses.

It's crucial for the industry to come together and address these issues before they escalate further. From improved security protocols to developing regulations and standards, there are many steps that can be taken to make blockchain more secure and trustworthy.


Cryptocurrency newcomers are often easy targets for cybercriminals in the crypto market, according to Chainalysis. As interest in cryptocurrencies has decreased due to the market downturn last year, potential investors have become less aware of the risks involved.

This has led to a decline in the volume of illegal transactions associated with cryptocurrencies, which fell by 15% over seven months, and a 43% drop in the turnover of cryptocurrencies on the darknet.

Experts attribute this trend to the shutdown of servers belonging to Hydra Market, which is considered to be the world's largest Russian-language darknet market. Despite this positive development, however, the threat of cybercrime in the crypto realm remains high.

It's essential for investors and traders alike to stay vigilant against the various forms of cryptocurrency scams that exist, from phishing attacks to Ponzi schemes. By staying informed and adopting best practices for security, we can help keep ourselves and the industry safe from harm.


As blockchain technology continues to gain popularity and wider adoption, it is likely that hаcking attempts will become more frequent and sophisticated. This necessitates constant vigilance and the development of advanced security protocols by blockchain developers and security experts to protect users and their assets.

The Binance Smart Chain (BSC) and Ethereum ecosystems are two prominent blockchain platforms that have gained significant traction in the cryptocurrency space.

Binance Smart Chain (BSC):
- BSC is a blockchain platform developed by Binance, one of the largest cryptocurrency exchanges globally.
- It was designed to offer a fast and low-cost alternative to the Ethereum network for decentralized applications (DApps) and smart contracts.
- BSC uses a consensus mechanism known as Proof of Staked Authority (PoSA), where a set of validators is chosen to produce blocks and secure the network.
- BSC has gained popularity for its compatibility with the Ethereum Virtual Machine (EVM), allowing developers to easily port their Ethereum-based projects to BSC.

- Ethereum is a decentralized, open-source blockchain platform that pioneered the concept of smart contracts and DApps.
- It utilizes a consensus mechanism called Proof of Stake (PoS), which is transitioning from Proof of Work (PoW). This transition aims to improve scalability and reduce energy consumption.
- Ethereum's native cryptocurrency is Ether (ETH), which serves as a fuel for executing transactions and running smart contracts on the network.
- Ethereum has a robust ecosystem of developers, entrepreneurs, and projects, making it one of the most vibrant communities within the blockchain space.

Both BSC and Ethereum ecosystems have attracted a large number of users and developers due to their extensive support for decentralized finance (DeFi) applications, Non-Fungible Tokens (NFTs), and other innovative projects. However, they have also experienced vulnerabilities and hаcking incidents as highlighted in the previous conversation, leading to substantial financial losses.

As these ecosystems continue to evolve, it is crucial for developers and users to prioritize security measures, conduct thorough audits of smart contracts, and follow best practices to mitigate the risks associated with hаcking attempts. Additionally, ongoing efforts to enhance the underlying infrastructure and consensus protocols of these ecosystems are essential to strengthen their security and protect user assets.