Binance Smart Chain Community Reiterates the Number ONE Priority of Security on BSC

According to BSC’s “Security and Risk Control Whitepaper,” DeFi hacks and frauds on BSC are trending down. By prioritizing security and encouraging bug bounty programs, the trend should continue.

By
Robert D. Knight
on
September 25, 2021
Category:
BSC News

Security

Binance Smart Chain (BSC) has named security as ‘priority ONE.’ The statement from the Binance Smart Chain Twitter account accompanied an in-depth security and risk control whitepaper published earlier this month. 

The paper—produced by the BSC Security Alliance of Binance Security, PeckShield, CertiK, and Immunefi—tackles a key issue related to projects being exploited after security audits. As of August 2021, around 90 Ethereum projects have hosted bug bounties via the Immunefi bounty program, compared to just 25 BSC projects.

“Joint bug bounties will introduce effective incentive structures for security talents to protect the BSC community,” the report said. “In addition, they also promote an understanding that proactively protecting BSC contracts through distributed and ongoing code reviews can be a viable career path for security researchers.

The report was at pains to explain that security is a process, not an event, and must continue after audits by using bug bounty programs. This year Certik has provided 300 audits for BSC projects, but this alone is not enough. 

Source

Security issues are increasingly being introduced post-audit, and as the popularity of the BSC ecosystem continues to grow, it also becomes a more attractive target for malicious actors.

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy in ETH and BTC, plus he also hodls some smaller cryptocurrency.

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