Share this article
Hacks, Rug Pulls Cost BNB Chain $1.6B Since Inception: Immunefi
The blockchain remains the primary target for bad actors performing rug pulls.
Updated Jul 11, 2024, 3:51 p.m. Published Jul 11, 2024, 3:51 p.m.
- 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
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.
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pye Finance Raises $5M Seed Round Led by Variant and Coinbase Ventures
The platform aims to make locked Solana staking positions tradable via an onchain marketplace.
What to know:
- Pye Finance raised a $5 million seed round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent and Gemini.
- The startup is building an onchain marketplace on Solana for time-locked staking positions that can be traded.
- Pye says the product targets Solana’s large pool of staked SOL, worth roughly $75 billion, and aims to give validators and stakers more flexibility over terms and reward flows.
Top Stories
