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Tag: BNB Chain

  • BNB Chain Activates opBNB Fourier Hard Fork, Cutting Block Times in Half

    Halving block times on opBNB shifts the focus from raw throughput to user experience, especially for latency-sensitive DeFi apps.

    BNB Chain’s Layer 2 network opBNB completed its Fourier mainnet hard fork on January 7 to cut block times in half.

    The upgrade marks a meaningful step in BNB Chain’s scaling push, improving transaction speed and reinforcing its position as one of the busiest blockchain ecosystems in terms of user activity.

    Fourier Hard Fork Halves Block Times on opBNB

    The Fourier upgrade went live at 03:00 UTC on January 7, according to an announcement from BNB Chain developers posted on X the same day. The hard fork reduced opBNB’s block interval from 500 milliseconds to 250 milliseconds, a change confirmed shortly after by Binance co-founder Changpeng Zhao, who noted that the network completed the upgrade smoothly.

    For developers and users, the shorter block time means faster transaction confirmations and lower latency for decentralized applications built on opBNB. The network is BNB Chain’s Layer 2 scaling solution, built using Optimism’s OP Stack, and it is designed to handle high-throughput activity while keeping fees low.

    Node operators were instructed to upgrade to supported client versions ahead of the hard fork, including op-node v0.5.5 and op-geth v0.5.9. The Fourier upgrade follows earlier opBNB improvements such as the Fjord hard fork in September 2024, which adjusted Layer 1 fee calculations, and the Wright upgrade in August 2024 that introduced gasless transaction support.

    The timing is notable, given that BNB Chain continues to lead other Layer 1 networks in monthly active addresses, with Token Terminal data showing about 56 million active users, well ahead of NEAR Protocol and Solana.

    Market Reaction Amid Competitive Landscape

    BNB’s price showed a measured response following the upgrade. At the time of writing, it was trading around $917, up about 1% in the last 24 hours. The asset has increased by almost 6% over the past week, with a two-week gain of about 10%. Meanwhile, monthly performance remains modest at around 2%.

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    Although the token is still up more than 25% over the past year, it was recently overtaken by its Ripple rival after XRP jumped from $1.86 to just under $2.30, currently, pushing its market cap past $138 billion compared to BNB’s $126 billion.

    The Fourier upgrade also fits into a wider industry trend. Ethereum activated its Fusaka hard fork in December 2025, boosting data availability and lowering Layer 2 costs, while Vitalik Buterin recently stated that live upgrades such as PeerDAS and early-stage ZK-EVMs have reshaped Ethereum’s scalability model. Against that backdrop, BNB Chain’s focus on execution speed at both Layer 1 and Layer 2 shows a parallel effort to stay competitive.

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  • PancakeSwap, YZi Labs Launch Zero-Fee Prediction Market on BNB Chain

    A new zero-fee prediction market, Probable, is coming to BNB Chain with support from PancakeSwap and YZi Labs

    A new prediction market platform called Probable is set to launch on the BNB Chain.

    Decentralized exchange leader PancakeSwap and venture studio YZi Labs, who are co-incubating the initiative, announced the project on social media today.

    A Frictionless Forecast Platform

    According to the announcement posts, Probable is looking to distinguish itself in the prediction market space with a commitment to simplicity and cost structure, and will operate with zero prediction fees from its first day.

    “Probable delivers true zero-fee predictions,” the team wrote in a Medium post. “No platform fees, no hidden charges.”

    It plans to support wagers on cryptocurrency price movements, global events, sports, and niche regional occurrences, settling all markets fully on-chain for transparency.

    To operate, users can deposit various assets, which the system will automatically convert to USDT for placing forecasts.

    “We believe prediction markets should be simple, transparent, and open to everyone,” stated the team on X. “Probable is built to make on-chain predictions faster, easier, and more accessible.”

    The new platform will depend on UMA’s Optimistic Oracle for verifying real-world event outcomes, a system designed to provide tamper-resistant results. PancakeSwap’s involvement provides immediate visibility and credibility, connecting the new service to its large user base.

    BNB Chain founder Changpeng “CZ” Zhao acknowledged the launch, as he commented on the growing number of prediction markets on the network.

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    The Growing Race to Predict the Future

    Probable is the latest entrant in a sector that is attracting substantial attention and capital. The space has seen notable developments in recent months, pointing to increased mainstream and institutional interest. Earlier in the year, Kalshi, one of the more well-known platforms, secured $185 million in funding led by Paradigm, which pushed its valuation to $2 billion.

    More recently, the Intercontinental Exchange (ICE), which owns the New York Stock Exchange, announced an investment of up to $2 billion in the decentralized platform Polymarket, alongside serving as the global distributor of its event-driven data.

    Additionally, in late October, Trump Media’s Truth Social and Crypto.com revealed plans to bring prediction markets to a social media audience, demonstrating the widening appeal of the concept. At the time, Crypto.com co-founder and CEO Kris Marszalek forecasted that prediction markets had the potential to become “a multi-deca-billion dollar industry.”

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  • VeChain Denies Bybit’s Explosive ‘Hidden Freeze’ Claim: 2019 Blocklist Was Not a Secret Kill Switch


    VeChain clarifies that the 2019 blocklist action was a one-time, community-approved response.

    VeChain has issued a firm clarification denying recent allegations made in a report published by Bybit’s Lazarus Security Lab, which claimed that the blockchain includes a hidden feature allowing funds to be frozen.

    In a statement released on Thursday, VeChain categorically rejected the claims as “factually incorrect and reputationally damaging.”

    VeChain Slams Bybit’s Research Lab

    Addressing the specific allegations in its recent post on X, the team explained that the only incident resembling such action occurred in December 2019, when a private key theft compromised a single VeChain wallet. Following the breach, the VeChain community voted to implement a one-time, community-approved blocklist to prevent the liquidation of the stolen assets.

    Validators upgraded their node software to reject transactions originating from the thief’s wallets and ensured the stolen funds could not be moved or reallocated. The measure, VeChain clarified, was a transparent, governance-driven response to a major security event and not a unilateral fund freeze embedded in the protocol’s source code.

    The company further explained that the technical distinction between “blocking” and “freezing” while criticizing the Bybit report for conflating validator-level inclusion policies with hardcoded freezing capabilities.

    “We encourage the author of the report to conduct a deeper technical review to understand the implications of mixing up these two mechanisms in a public forum.”

    VeChain also pointed out that independent audits, including those by NCC Group, Coinspect, and Hacken, have confirmed that VeChainThor’s software enables validators, through community-approved governance, to reject certain transactions, but not to seize or freeze assets. The blockchain’s consensus-level checks are designed to support decentralized decision-making rather than centralized control, VeChain added.

    Bybit’s Research

    Bybit’s Lazarus Security Lab report, titled “Blockchain Freezing Exposed: Examine the Impact of Fund Freezing Ability in Blockchain,” claimed that 16 major blockchain networks possess features that allow developers or validators to freeze or restrict user funds. According to the report, VeChain was among several networks, including Binance-backed BNB Chain, Sui, Aptos, and XinFin’s XDC Network, listed as having hardcoded freezing mechanisms directly embedded in their source code.

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    The study, which examined 166 blockchain networks using AI-assisted code analysis and manual verification, identified three primary categories of freezing mechanisms: hardcoded freezing, configuration-based freezing, and on-chain contract freezing.

    The report cited multiple historical examples of fund-freezing events, including Sui freezing $162 million in stolen assets following the Cetus hack, and BNB Chain deploying hardcoded blacklists to contain a $570 million bridge exploit. Researchers concluded that while such interventions can help mitigate damage from security breaches, they also raise concerns about centralization and censorship. It said that the existence of fund-freezing functions, even when implemented for security purposes, challenges the notion of full decentralization.

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  • Smart Money Pours Into BNB Chain as Developer Activity Accelerates

    Smart money is flowing into BNB Chain, with on-chain data showing over $700,000 invested in new projects within 24 hours.

    The network is also experiencing a surge in developer activity and infrastructure improvements, which analysts believe could position it to compete with networks like Base and Solana.

    Strong Token Inflows And Increased Activity

    Blockchain analytics platform Nansen shared via X that investors have been making “smart money” moves on BNB Chain in the last day. The ecosystem has recorded notable inflows over the period, with several tokens showing positive movement despite some volatility.

    STBL led the gains with a 33% increase, attracting $602,000 in new capital, while $BTCB remained steady but added $41,000. WOD continued to trade in the red, yet still drew $22,000. On the other hand, TRAD00R registered a 12% gain with $120,000 in inflows, while PROVE saw a more modest flow of $7,700.

    Analysts say that these token movements show a growing belief among traders that the BNB Chain is capable of competing with players like Base and Solana. Elsewhere, statistics indicate that the network is actually running at under 30% of its capacity, which means that there remains unused potential for transaction throughput growth.

    The network has also experienced an influx in developer activity, with new dApps, connectors, and AI-powered platforms being deployed across the ecosystem. Infrastructure improvements like Parallel EVM, gasless stablecoin transactions, and MEV protection have helped the platform become more efficient at processing higher volumes of transactions without losing performance.

    The current architecture is projected to handle three times more state data while enabling faster block times. Validators have also proposed reducing gas fees from 0.1 Gwei to 0.05 Gwei, which would lower transaction costs to around $0.005 and rank BNB Chain among the most affordable networks in the industry. Similar measures have proven effective before, with the April 2024 fee cut driving a 75% decline in median costs and a 140% increase in daily transactions.

    BNB Price Outlook

    Binance Coin (BNB) recently crossed the $1,000 mark, peaking at $1,079 before stabilizing around  $1,025. This milestone coincides with a $2.37 billion surge in open interest on BNB futures, which shows greater investor activity.

    Meanwhile, RSI hovers between 74 and 81, while  the MACD line remains above the signal line, showing strong bullish momentum. However, there are also early signs of divergence suggesting the rally may be entering a more fragile phase.

    CZ is already forecasting stellar long-term returns for BNB, but analysts advise that user and developer growth, and consistent smart capital inflows, are more vital for the project’s survival in the near future.

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  • BNB Defies Market Retreats With Record TVL of $13.4B

    BNB Chain is back in focus in 2025, with its total value locked climbing to the highest level since 2022.

    The growth is supported by a steady rise in active addresses and its native token, BNB, trading close to its all-time high.

    BNB Defies Market Crash

    BNB Chain’s total value locked (TVL) has surged to $13.4 billion. The latest figure represents its highest level since 2022, according to data shared by CryptoRank.

    The network has also maintained over 14 million active addresses for nine consecutive weeks, as a result of steady user engagement. This strength is mirrored in BNB’s price performance, with the token trading just 3% below its recently established all-time high, even as most top cryptocurrencies retreated significantly from their respective peaks.

    A crypto analyst stated that BNB is showing resilience despite the recent market downturn, having printed a fresh all-time high and holding above the key $814 support level. The analyst added that if momentum returns, a new ATH could follow, while potential pullbacks to around $806 or $770 may provide ideal long-entry opportunities.

    From Wall Street to Bhutan

    Institutional adoption has catalyzed BNB’s growth. An increasing number of publicly listed companies are diversifying cash reserves with digital assets. Although Bitcoin and Ethereum continue to lead, investors are now eyeing BNB as a strong alternative.

    For instance, companies like Windtree Therapeutics, Nano Labs, and Liminatus Pharma have added BNB to their treasuries. Meanwhile, BNB Network Company, which happens to be CEA Industries Inc.’s treasury arm, recently purchased 200,000 BNB worth around $160 million. The company previously said that it aims to become the largest publicly traded BNB treasury company in the United States and bring institutional exposure to the asset.

    Interestingly, institutional interest is not confined to corporates. Bhutan’s sovereign investment fund, Druk Holding & Investments, also disclosed holdings in BNB. These developments briefly pushed the crypto asset near $870. It even outpaced household names like Nike and DoorDash in market value.

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  • Justin Sun Moves $100M To Binance, Stacking Ethereum?

    Justin Sun Moves $100M To Binance, Stacking Ethereum?

    Justin Sun, the co-founder of Tron–a smart contracting platform for deploying decentralized applications (dapps), is once again moving and shuffling millions of dollars. According to Lookonchain data on February 29, Sun reportedly transferred 100 million USDT to Binance, days after moving huge sums earlier this week.

    Justin Sun moves $100 million USDT to Binance | Source: Lookonchain via X

    Justin Sun Holds Millions Of ETH: Will The Co-founder Buy More?

    From February 12 to 24, a wallet associated with Sun acquired 168,369 ETH for an average price of $2,894. This purchase, valued at roughly $580.5 million, currently holds an unrealized profit of around $95 million. Profitability could increase considering the sharp demand for crypto, especially top coins like Bitcoin and Ethereum, in recent days.

    Ethereum price trending upward on February 29 | Source: ETHUSDT on Binance, TradingView
    Ethereum price trending upward on February 29 | Source: ETHUSDT on Binance, TradingView

    The Ethereum price chart shows that ETH has been on a clear uptrend, rising from around $2,200 in early February to over $3,450 when writing. At this pace, and considering the institutional interest in potent crypto assets, including ETH, the odds of the second most valuable coin stretching gains will be highly likely.

    As Bitcoin inches closer to $70,000, the probability of Ethereum also tracking higher toward its all-time high of around $5,000 will be elevated.

    Since ETH already owns a big stash of coins, there is speculation that the co-founder will double down, buying even more coins. The crypto community will continue watching the address until this happens and there is solid on-chain data to support the purchase.

    Spot Ethereum ETFs And The Dencun Upgrade Are Key Updates

    So far, optimism is high, especially among the broader altcoin community. As Bitcoin races to register new all-time highs pumped by institutional billions, eyes will be on the United States Securities and Exchange Commission (SEC). There are multiple applications for a spot Ethereum exchange-traded fund (ETF). 

    The agency has not provided a definitive timeline for approving or rejecting the derivative product. There is regulatory uncertainty around the status of ETH, a significant headwind that might delay or even prevent the timely authorization of this product.

    Still, the community is looking forward to the next communication in May. If the spot Ethereum ETF is a go, the coin will likely rally to new all-time highs, following Bitcoin.

    However, before then, eyes are on the expected implementation of Dencun. The upgrade addresses challenges facing Ethereum, including scalability. Through Dencun, Ethereum developers hope to lay the base for further throughput enhancements in the coming years.

    With higher throughput, transaction fees drop, overly improving user experience. This upgrade might go a long way in cementing Ethereum’s role in crypto, wading off stiff competition from Solana and others, including the BNB Chain.

    Feature image from DALLE, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Dalmas Ngetich

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  • Binance Coin (BNB) Blazes Ahead: Predictions Point To New All-Time Highs In First Half Of 2024

    Binance Coin (BNB) Blazes Ahead: Predictions Point To New All-Time Highs In First Half Of 2024

    Binance Coin (BNB), despite experiencing a significant decline earlier this year due to market volatility and the SEC lawsuit against Binance and its founder Changpeng Zhao (CZ), has shown remarkable recovery and promising prospects. 

    Recent data indicates a resurgence in the BNB price, driven by the growing usage of decentralized applications (DApps) on the Binance Smart Chain (BSC). 

    Additionally, BNB’s fundamentals, including impressive market cap figures and increased revenue, further contribute to the positive momentum. 

    BNB Price Rally Fueled By DApp Adoption? 

    After witnessing a sharp decline from its yearly high of $350, BNB experienced a drop to the $203 level following the SEC lawsuit against Binance and CZ. However, recent price movements show signs of recovery and bullish sentiment. 

    Over the past 24 hours, BNB has gained 4.5%, and its performance in the seven, fourteen, and thirty-day time frames demonstrates an upward trend, with gains of 20%, 24%, and 38%, respectively.

    One of the driving factors behind BNB’s price rally is the increasing use of DApps on the Binance Smart Chain. Data from DappRadar reveals a surge in DApp volume, currently at $4.83 billion, representing a 12% increase. 

    The BNB chain boasts an ecosystem of 5,120 DApps and has recorded 4.89 million transactions, reflecting a 12.73% surge in the past seven days. These figures indicate a growing demand for BNB as it serves as the primary token within the BSC ecosystem.

    BNB Chain’s stats. Source: DappRadar

    Comparing BNB to Ethereum (ETH), DappRadar data highlights BNB’s superior performance in various indicators such as contracts, total unique active wallets (UAW), decentralized finance (DeFi) total value locked (TVL), and non-fungible token (NFT) volume. 

    The BNB chain has held the top position over the past 24 hours, showcasing its usage and adoption. This outperformance contributes to the positive market sentiment surrounding BNB and bolsters its price.

    Binance Coin Market Cap Surges To $48 Billion

    Further boosting the Binance Coin prospects, Token Terminal data reveals impressive market cap figures for BNB, with a circulating market cap of $48.02 billion, marking a 14.18% increase. 

    Additionally, BNB’s fully diluted market cap stands at the same value, reflecting a 28.32% growth. The revenue generated by BNB in the past 30 days has increased by 28.51%, reaching $1.47 million. 

    Furthermore, BNB has recorded significant fee growth, with a 27.98% fee increase over the past 30 days and an annualized revenue of $187.56 million. These fundamentals contribute to the positive sentiment surrounding BNB.

    Overall, Binance Coin has staged a strong recovery, demonstrating a notable price rally driven by the increasing usage of DApps on the Binance Smart Chain. However, there is a bold prediction by a crypto analyst that could further boost the sentiment and excitement surrounding the token.

    Binance Coin To Reach New Yearly High? 

    According to Captain Faibik, a prominent crypto analyst on X (formerly Twitter), Binance Coin is poised to achieve a new yearly high in the first half of 2024. 

    This prediction is based on an analysis of BNB’s 1-week chart, revealing a breakout from a descending triangle pattern, signaling the end of the macro downtrend and initiating a new uptrend phase for BNB.

    Looking at the chart below, Faibik suggests that BNB’s price could potentially experience an impressive uptrend of 171% in the initial weeks of 2024. This surge would propel the token’s price above the current all-time high (ATH) of $686. 

    BNB
    BNB’s price projection. Source: Captain Faibik on X

    However, several resistance levels must be overcome for this projection to materialize. Notably, at the current trading price of $307, BNB faces a significant seven-month resistance barrier, which currently hinders its ascent to the $314 level, the next resistance level in the near term. 

    Analyzing the 1-day chart, it becomes evident that reaching the all-time high level would require surpassing additional macro resistance levels, including $329, $402, $450, $563, $607, $639, and $653.

    While the theory proposed by Faibik holds promise, the actual realization of Binance Coin’s new yearly high in the early months of 2024, along with a sustained uptrend, remains to be observed. 

    BNB
    The 1-day chart shows BNB’s price uptrend. Source: BNBUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Ronaldo Marquez

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  • Red Alarm flags hundreds of risky dapps on BNB Chain

    Red Alarm flags hundreds of risky dapps on BNB Chain

    DappBay, a web3 dApp store for users on the BNB Chain, has flagged over 100 risky decentralized applications (dapps) in its recent update. 

    BNB Chain shared the findings on X (formerly Twitter). See below.

    BNB Chain launched DappBay in July 2022, allowing users to discover new web3 projects while being kept abreast of their risk levels in real-time.

    At the heart of DappBay is its Red Alarm component, a risk screening tool that can help identify possible rug pulls and scam projects by checking logic flaws or fraud risks in smart contracts.

    This tool regularly updates its list with dapps and smart contracts that have been assessed as scams or deemed to carry an extraordinarily high level of risk.

    Risky dapps

    One of the prominent names on DappBay’s list of risky dapps is Genesis Universe, a non-fungible token (NFT) card exploration game built on the BNB Smart Chain. In this game, players explore and fight in a new world, following the increasingly popular play-to-earn approach.

    However, its presence on the Red Alarm list points to possible risks in its operation, therefore advising caution for both users and investors.

    Another notable addition to DappBay’s Red Alarm list is DeXe DAO Studio, categorized under tools and utilities and marked with a “significant risk” level. 

    This dapp reportedly supports the development of decentralized autonomous organizations (DAOs), highlighting the importance of active, valuable member involvement and expertise. However, despite its ambitious goals, the assigned risk level indicates possible drawbacks or issues that users need to consider.

    Web3 Pilot, a first-in-first-out defi investment platform, was identified as a high-risk dapp. Per Red Alarm’s indication, the platform’s main risk revolves around it being a possible Ponzi scheme, misleadingly enticing investors with the allure of unusually high returns.

    Other decentralized applications highlighted in Red Alarm’s list include QuickPay, Silo, and Defi Ujm. The first two are categorized as Ponzi schemes, while the third is suspected to be a phishing website.


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    Julius Mutunkei

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  • BNB Plummets 10% Amid Binance’s $4.3 Billion Settlement And CEO’s Impending Resignation

    BNB Plummets 10% Amid Binance’s $4.3 Billion Settlement And CEO’s Impending Resignation

    Binance Coin (BNB), the native token of the Binance cryptocurrency exchange, has experienced a sharp decline of 10% following reports that Binance is preparing to settle criminal charges with the US Department of Justice (DOJ) through a $4.3 billion fine. 

    Binance CEO To Plead Guilty

    The Wall Street Journal has disclosed that Binance CEO Changpeng Zhao (CZ), commonly known as CZ, will plead guilty to violating criminal anti-money laundering requirements. 

    Concurrently, Binance will also plead guilty to a criminal charge related to anti-money laundering violations, resulting in a significant fine. Furthermore, CZ is expected to step down as CEO, with Richard Teng being considered as a potential successor.

    Changpeng Zhao is scheduled to appear before a federal court in Seattle to enter his guilty plea. This crucial legal step can further impact BNB’s price action as investors assess the implications of CZ’s admission of guilt regarding violating anti-money laundering requirements. 

    The reported settlement involves Binance pleading guilty to a criminal charge related to anti-money laundering violations, leading to a hefty $4.3 billion fine. This substantial sum encompasses payments to settle civil allegations made by regulators. 

    These developments occur in an increasingly stringent regulatory environment in the cryptocurrency industry. The recent charges brought by the SEC against Kraken further highlight the regulatory scrutiny faced by industry players. 

    Additionally, market participants anticipate significant enforcement actions by the DOJ, which adds to the atmosphere of uncertainty and apprehension.

    Will CZ’s Statement Halt BNB Downtrend? 

    Despite the shocking revelation surrounding Binance’s leadership and its impact on the crypto community, there may still be hopes for a potential recovery of Binance Coin and the overall crypto market as the case reaches its conclusion.

    With CZ reaching a settlement with the US Department of Justice (DOJ) and pleading guilty to criminal charges, the exchange can breathe a sigh of relief, knowing that regulatory agencies have addressed their concerns and potential legal action.

    Furthermore, this settlement could be seen as a victory for regulators, particularly in light of the ongoing legal battles between the US Securities and Exchange Commission (SEC) and Ripple Labs, which involve the cryptocurrency XRP. 

    A favorable outcome in these cases could potentially boost confidence in the broader crypto industry and drive prices higher.

    BNB’s pullback as CZ resigns as head of Binance on the daily chart. Source: BNBUSDT on TradingView.com

    Currently, BNB is trading at $240, showing signs of recovery from its recent drop, which briefly touched $235 but managed to stay above the critical support level of $232. 

    In further declines, BNB bulls will need to hold the support levels at $228, $217, and $214 to prevent the token from dropping below the critical level of $200.

    However, suppose Changpeng Zhao and the new Binance CEO can provide a statement that reassures the community and instills a sense of calm. In that case, it may bring a renewed positive sentiment and potentially halt the current downtrend for BNB.

    The unfolding of the situation, the next steps for the exchange, and CZ’s fate remain to be seen. The community and market participants eagerly await further developments and announcements shaping the future of Binance and its native token, BNB.

    Featured image from Shutterstock, chart from TradingView.com 

    Ronaldo Marquez

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  • BNB Chain, Ethereum Blockchains Suffer 20 Attacks in October, Taking the Hardest Hits: Report

    BNB Chain, Ethereum Blockchains Suffer 20 Attacks in October, Taking the Hardest Hits: Report

    According to the latest report from Immunefi, from January to October 2023, over $1.41 billion has been lost to hacking and fraudulent activities in 292 specific incidents.

    In October 2023 alone, losses amounted to approximately $22.2 million, primarily attributed to hacking and fraud. The most frequently targeted blockchain networks during the period were BNB Chain and Ethereum, accounting for 83.3% of the total losses among targeted chains.

    • Immunefi disclosed that BNB Chain experienced the highest number of individual attacks, with 11 incidents, accounting for 45.8% of the overall losses among the targeted chains.
    • Ethereum, on the other hand, experienced 9 incidents, representing 37.5% of the total losses.
    • Layer 1 blockchain, Avalanche trails behind with 2 incidents, representing 8.3% in October.
    • Polygon and Fantom witnessed 1 incident each, representing 4.2% respectively.
    • Hacking incidents continued to be the primary cause of financial losses, surpassing fraudulent activities which resulted in a total loss of over $16.35 million for the month.

    “In October 2023, hacks continue to be the predominant cause of losses as compared to frauds, scams, and rug pulls. An analysis of the losses shows that fraud accounts for 26.32% of the total losses in October 2023, while hacks account for 73.68%.”

    • DeFi platforms continued to be the primary focus of exploitation in October, representing 100% of the total losses. Contrastingly, not a single major exploit was reported in CeFi platforms.
    • Zooming out, Q3 in 2023 recorded the highest losses, primarily driven by over $340 million in September and more than $320 million in July, the Web3 bug bounty platform said in its report.
    • An earlier report by blockchain security firm, CertiK revealed that nearly $332 million in various digital assets had been lost to exploits, hacks, and scams in September.
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  • BNBChain unveils secure multi-signature wallet

    BNBChain unveils secure multi-signature wallet

    BNBChain has launched its safe multi-signature wallet service, BNB SafeWallet. It is based on the Gnosis Safe protocol and runs on the BSC network and opBNB. 

    According to BNBChain’s blog post, the launch of Gnosis Safe Multisig on the Binance Smart Chain is a milestone in enhancing security for the BSC network and beyond. 

    Gnosis Safe, a smart contract wallet, boasts core multisig functionality, enabling advanced execution logic, access management, and high security.

    The protocol supports various wallets controlled by one or multiple owners for wallet security. BNBChain’s Safe multi-signature wallet service, utilizing the Gnosis Safe protocol, provides a storage solution for digital assets. 

    Users can define owner accounts and a database threshold number of confirmations required for transactions, ensuring security measures. To access the BNB Chain multi-signature wallet service, users must initially create a Safe, the team says.

    Gnosis Safe is a decentralized custody protocol and asset management platform across Ethereum (ETH), EVM, Ethereum Mainnet, BNB Smart Chain, Optimism, Arbitrum, zkSync, and Polygon networks. The Safe Wallet, a web3-friendly tool, streamlines interaction with the defi and web3 ecosystem, enhancing asset security and enabling shared asset management.

    The number of required signatures for a transaction can vary based on the wallet setup, typically ranging from two to three. However, users have the flexibility to opt for more signatures if desired.

    BNBChain security breaches

    The BNBChain network has faced various hacks and attacks in recent times, with notable incidents including the Vyper Copycat Exploit on BSC in July 2023. During this attack, the BNB Smart Chain (BSC) experienced copycat attacks due to a vulnerability in the Vyper programming language, resulting in the theft of approximately $73,000 worth of cryptocurrencies across three exploits.

    Additionally, in October 2022, a significant hack targeted Binance (BNB), where hackers exploited a vulnerability in the BNB network, leading to an estimated $570 million being compromised. The attackers managed to create 2 million BNB tokens due to a bug in the smart contract, allowing them to forge transactions and transfer funds into their wallets.

    Furthermore, in September 2023, the hackers responsible for the $41 million Stake casino hack shifted an additional $328,000 million worth of Polygon (MATIC) and BNB (BNB) tokens, as reported.


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    Ogwu Osaemezu Emmanuel

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