DappRadar: 50% Of Crypto Hacks And Exploits Targeted BNB Chain In May

It’s been revealed that the crypto hacks and exploits from last month mostly targeted BNB Chain. Check out the latest reports about this below.

Recent data unveils that in May, 50% of all crypto hacks and exploits were aimed at Binance’s BNB Chain, the blockchain utilized by the world’s biggest crypto exchange platform.

A recent report from DappRadar, a market intelligence platform, states that there were 24 incidents in May resulting in a total loss of $54 million. This is a significant drop from the previous two months, which saw losses of over $100 million and $200 million respectively.

“According to data from the REKT Database, May 2023 recorded 24 incidents, resulting in a combined loss of $54 million. While this figure may appear relatively lower than the preceding months, where losses exceeded the $100 million mark, it still emphasizes the need for heightened security measures in the industry.”

According to DappRadar, out of the 24 incidents identified, BNB Chain was singled out in half of them, while Ethereum (ETH), the top smart contract platform, was targeted in less than a quarter of them.

Here’s what the official notes revealed:

“The majority of these incidents, precisely 50%, targeted the BNB chain, while 22.7% affected the Ethereum network. This distribution underscores the importance of addressing security gaps across different blockchain ecosystems.”

C. Palihapitiya believes that the US dollar will continue to hold its status as the world’s reserve currency, despite the BRICS nations’ attempts to move away from it.

On the most recent edition of the All-In Podcast, Palihapitiya highlights the fact that despite the declining interest in US government debt across the globe, central banks worldwide continue to make substantial investments in US dollars.

The chart shared by the billionaire, sourced from the International Monetary Fund (IMF), highlights that the US dollar has been a major component of central banks’ foreign exchange reserves, ranging from 60% to 70% since 1999.