According to a detailed report by security firm HashDit, the amount of losses due to scams on the BNB Smart Chain (BSC) decreased by 75% from the second to the third quarter of 2023, reaching 13.6 million dollars. This drop can largely be attributed to an increase in overall awareness among community members and to the emergence of security products that are able to flag malicious activities early. Despite this, rug pulls (where maliciously acting projects entice investors and run away with their funds without delivering on their promise) represented 67% of total losses on the BSC in the third quarter of the year. Furthermore, reserves and price manipulation were also common due to hackers exploiting inadequate smart contracts. Security experts believe that this is largely due to the low transaction fees and perceived lack of security on the BSC compared to Ethereum.



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