Crypto Security Measures Needed After Month of May Sees Major Hacks and Exploits
• According to a new report by market intelligence platform DappRadar, 24 incidents amounted to $54 million in losses in the month of May.
• Half of these incidents targeted BNB Chain (BNB), while less than a quarter targeted Ethereum (ETH).
• Investors are encouraged to implement proper security measures such as two-factor authentication and cold storage to protect assets from attacks.
Data Shows 50% of Crypto Hacks and Exploits Targeted BNB Chain
According to data from the REKT Database, 24 incidents were recorded in May 2023 resulting in a combined loss of $54 million. Of these 24 incidents, exactly 50% targeted the BNB chain, while 22.7% affected the Ethereum network. This highlights the need for heightened security measures across different blockchain ecosystems.
DApp Sector Susceptible To Hacks and Exploits
The decentralized application (DApp) sector is highly vulnerable to hacks and exploits which means it is important for investors and traders to stay up-to-date with the latest security protocols and measures. Implementing two-factor authentication and cold storage could help protect digital assets from such attacks.
Sharp Decrease From Previous Months
Although this figure may appear relatively lower than the preceding months where losses exceeded $100 million mark, it still emphasizes that crypto networks need improved cybersecurity to protect users’ funds. The two previous months saw over $100 million and $200 million in losses respectively which demonstrates how quickly losses can accumulate if not addressed properly.
It is clear that hackers are actively targeting crypto networks every month, so it is essential for investors to remain vigilant when trading or investing on various blockchains by implementing adequate security measurements including two-factor authentication and cold storage solutions .