BSC Scams Drops in Q3, but Rug Pulls Still a Major Concern

Scams on BNB Smart Chain Drop 75% in Q3 despite rug pull concerns

Scams on BNB Smart Chain (BSC) dropped from $55.4 million in Q2 2023 to $13.6 million in Q3. A 75% decrease, as per an AvengerDAO report with contributions from HashDit. The decline is attributed to improved awareness, better security products, and community vigilance.

However, rug pulls still counted for 67% of Q3 losses. Hackers exploited poorly designed smart contracts, and BSC’s lower fees and recognised lower security make it attractive to malicious actors.

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