BTC
$105,956.00
-
2.63%
ETH
$2,623.71
-
4.02%
USDT
$1.0004
+
0.02%
XRP
$2.2090
-
4.29%
BNB
$670.93
-
2.09%
SOL
$163.96
-
5.17%
USDC
$0.9999
+
0.03%
DOGE
$0.2056
-
9.12%
TRX
$0.2721
-
1.34%
ADA
$0.7091
-
6.09%
SUI
$3.4960
-
5.24%
HYPE
$33.41
-
1.45%
LINK
$14.54
-
8.62%
AVAX
$21.61
-
8.19%
LEO
$9.2334
+
2.23%
XLM
$0.2738
-
4.78%
TON
$3.3000
-
1.17%
BCH
$407.53
-
3.56%
SHIB
$0.0₄1339
-
7.73%
HBAR
$0.1766
-
5.68%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
Finance
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Hacks, Rug Pulls Cost BNB Chain $1.6B Since Inception: Immunefi

The blockchain remains the primary target for bad actors performing rug pulls.

By Oliver Knight|Edited by Sheldon Reback, Marc Hochstein
Updated Jul 11, 2024, 3:51 p.m. Published Jul 11, 2024, 3:51 p.m.
BNB Chain Ethereum comparison (Immunefi)
BNB Chain Ethereum comparison (Immunefi)
  • As much as $1.64 billion has been lost to hacks and rug pulls since BNB Chain's inception in 2017.
  • Some $368 million has been attributed to rug pulls, making it the primary target for launching nefarious tokens.
  • There was a reduction in losses in 2023 and 2024 following a series of hard forks to address the network's vulnerabilities.

BNB Chain retains the dubious honor of "preferred target for rugpulls," according to a report by bug bounty platform Immunefi.

Some $1.64 billion has been lost to hacks and rug pulls on BNB Chain since its inception seven years ago, Immunefi said. Of that, $1.27 billion has been attributed to hacks, with the remainder linked to rug pulls. A rug pull is a type of fraud that involves creating a project with the sole purpose of stealing deposited funds and abandoning the project.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

In total, the report assesses 228 rug pull cases that account for $368 million, the largest of which was the $40 million DeFiAI rug pull in November 2022.

In contrast, Ethereum, the second-largest blockchain and the largest smart-contract platform, has racked up losses of $3.6 billion, but just 4.4% of that is due to rug pulls, the report said.

The primary reason BNB Chain is the most common blockchain for rug pulls – a title it's held for more than a year – is developers using forked code, Immunefi said. It also claimed that the BNB Chain community is often lured in by "quick ways to make money."

Still, losses dropped last year following the ZhangHeng, Plato and Hertz hard forks, which were aimed at addressing network vulnerabilities. This year saw a further reduction, with just $38 million being lost year-to-date.

BNB Chain vs Ethereum losses (Immunefi)
BNB Chain vs Ethereum losses (Immunefi)

The blockchain has also suffered numerous exploits and hacks, with $200 million being lost to price manipulation of the Venus Protocol's native token in 2021, and, in 2022, DeFi protocol Qubit Finance suffered an $80 million loss after the QBridge was hacked.

BNB Chain had not replied to an email seeking comment by publication time.


ImmunefiHacksrug pullsBnb chain
Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.

X icon
Oliver Knight
Latest Crypto News
Article image

Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates

20 hours ago

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

21 hours ago

Breaking News

Breaking New test

May 29, 2025

FastNews (CoinDesk)

Fast News test

May 29, 2025

Article image

Ethereum Surges 4% on Massive Volume as Institutional Interest Grows.

May 27, 2025

Article image

test research article

May 22, 2025

Top Stories
President Donald Trump (TheDigitalArtist/Pixabay)

Bitcoin Poised to Top Record as Trump Inauguration Nears, Major Coins Due for 10% Swings: Traders

Jan 16, 2025

SHIB-USD 1-month chart shows 24.57% gain ending at $0.00004146 on May 15

Shiba Inu (SHIB) Price Drops 7% in 24 Hours but Remains Up 25% Over the Past Month

May 15, 2025

(CJ/Unsplash)

XRP Futures Start Trading on CME

May 19, 2025

Tax sign (The New York Public Library/Unsplash)

Crypto Capital Gains and Tax Rates 2022

Nov 14, 2022

Swap

Atomic Swaps: What Are They & How Do They Work?

Jan 11, 2024

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

21 hours ago

Only 2 articles remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • Consensus Hong Kong
        • Consensus 2026
        • CoinDesk: Policy & Regulation
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk