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BNB Smart Chain’s Remarkable 85% Security Triumph in 2023

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The BNB Smart Chain (BSC) marked a considerable 85% decrease in financial losses due to security incidents in 2023, compared to $1.1 billion in the previous year. The total losses reported were over $161 million, indicating a major improvement in blockchain security.

This noteworthy reduction in losses is attributed to several strategic security measures implemented by the BNB Chain Core Development Team, including the proactive alert system of AvengerDAO, which played a crucial role in preempting scams and hacks. In 2023, AvengerDAO issued numerous alerts, such as around 3,500 Red Alarm notifications and 330 alert tweets, significantly reducing the impact of potential security threats.

Despite the decline in financial loss, BSC experienced a 44% increase in security incidents year-on-year, with a total of 414 incidents reported in 2023, out of which 315 occurred in DeFi projects. However, the final quarter of 2023 saw a 64% decrease in fiat losses compared to the third quarter. This decline is further backed by a 51% reduction in hack incidents in Q4, dropping from 130 in Q3 to 86 in Q4.

The report categorizes the types of attacks and threats on BSC, with hacks constituting 50.72% of the incidents, closely followed by scams at 49.03%. Scams accounted for $87.9 million in losses, a 54% decrease, whereas hacks led to $73.2 million in losses, marking a 91% decrease.

The AvengerDAO’s meter API played a significant role in this achievement by scanning over 1 million unique contract addresses and identifying 35,000 as high risk. Despite some missed opportunities for safeguarding projects, the initiative has been effective in mitigating threats on BSC. Comparing hack values between the two most recent six-month periods, there’s been a substantial decline in losses: from over $713 million in the latter half of 2022 to about $34 million in the first half of 2023.

This positive trend in BSC’s security landscape is also reflected in its vulnerability statistics. BNB Chain accounted for only 0.9% of the total vulnerabilities in the ecosystem based on TVL in Q1 2023. Furthermore, only around 9% of the estimated 2,000 active projects in the ecosystem were impacted in H1 2023.

 

Source: Blockchain News

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Blockchain

Breaking News: Bitgert Coin Price Expected To Skyrocket In Coming Days

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In recent news, Bitgert coin’s price is anticipated to soar in the coming days, marking a significant development in the cryptocurrency market. This projection has attracted attention from investors and enthusiasts alike, as they await potential gains from the anticipated price surge.

The expected rise in Bitgert coin’s price has stirred excitement among crypto investors, who are closely monitoring market trends and developments to capitalize on potential opportunities. This surge is attributed to various factors, including market sentiment, technological advancements, and investor confidence in the project’s prospects.

As the cryptocurrency landscape continues to evolve, Bitgert coin’s projected price increase underscores the dynamic nature of the market and the potential for significant gains. Investors are advised to conduct thorough research and exercise caution when trading cryptocurrencies, as price movements can be volatile and unpredictable.

Overall, the anticipated surge in Bitgert coin’s price reflects the growing interest and optimism surrounding the project, highlighting its potential to deliver substantial returns for investors in the near future.

Source: cryptodaily.co.uk

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Ethereum Developers Target Ease of Crypto Wallets With ‘EIP-3074’

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Ethereum developers are setting their sights on improving the user experience of crypto wallets with the implementation of Ethereum Improvement Proposal (EIP) 3074. This proposal aims to simplify the process of interacting with Ethereum smart contracts, making it easier for users to manage their digital assets securely.

EIP-3074 introduces a new type of account called “constrained accounts,” which are designed to restrict certain types of interactions with smart contracts. This feature enhances the security of crypto wallets by limiting the scope of potential attacks and reducing the risk of unauthorized access to funds.

One of the key benefits of EIP-3074 is its ability to streamline the user experience of interacting with Ethereum smart contracts. By simplifying the process of managing digital assets, this proposal aims to make crypto wallets more accessible to a wider audience, including non-technical users.

In addition to improving usability, EIP-3074 also enhances the security of Ethereum wallets by introducing new permissioning mechanisms. Constrained accounts allow users to define specific rules and conditions for interacting with smart contracts, providing an additional layer of protection against potential vulnerabilities and exploits.

Overall, EIP-3074 represents a significant step forward in the ongoing effort to enhance the usability and security of Ethereum wallets. By introducing constrained accounts and new permissioning mechanisms, this proposal aims to make it easier for users to manage their digital assets securely while also reducing the risk of unauthorized access and potential attacks.

Source: coindesk.com

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Istanbul Blockchain Week 2024 Returns Showcasing Turkey as the Rising Star in Web3 Adoption

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Istanbul Blockchain Week 2024 is making a comeback, highlighting Turkey as a rising star in Web3 adoption. This event, set to take place in Istanbul, aims to showcase Turkey’s growing prominence in the adoption of Web3 technologies and its potential to become a leader in the blockchain industry.

With a focus on fostering collaboration and innovation in the blockchain space, Istanbul Blockchain Week 2024 will bring together industry experts, developers, investors, and enthusiasts from around the world. The event will feature a series of keynote speeches, panel discussions, workshops, and networking sessions, providing participants with valuable insights and opportunities to connect with key players in the industry.

One of the key objectives of Istanbul Blockchain Week 2024 is to highlight Turkey’s vibrant blockchain ecosystem and its potential to drive innovation and economic growth. As a strategically located hub between Europe, Asia, and the Middle East, Turkey offers a unique opportunity for blockchain companies to tap into diverse markets and access a skilled talent pool.

The event will also serve as a platform for showcasing the latest developments and trends in the blockchain industry, including decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and more. Attendees can expect to gain valuable insights into the future of blockchain technology and its potential impact on various industries.

Istanbul Blockchain Week 2024 is expected to attract a diverse audience, including blockchain enthusiasts, investors, entrepreneurs, government officials, and academics. By bringing together stakeholders from across the globe, the event aims to foster collaboration, drive innovation, and accelerate the adoption of blockchain technology in Turkey and beyond.

Overall, Istanbul Blockchain Week 2024 promises to be an exciting and impactful event, showcasing Turkey’s growing influence in the blockchain industry and highlighting the country’s potential to become a global leader in Web3 adoption.

Source: cryptoslate.com

The post Istanbul Blockchain Week 2024 Returns Showcasing Turkey as the Rising Star in Web3 Adoption appeared first on HIPTHER Alerts.

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