BNB Chain issues list of 191 high-risk, untrustworthy DApps and fake tokens

BNB Chain’s proactive alert does not represent the risk level of the underlying DApp project. Instead, it is aimed at helping users in their research prior to making investment decisions.

BNB Chain, the blockchain developed by crypto exchange Binance, updated its Red Alarm list to include 191 high-risk projects and decentralized applications (dApps) currently hosted on the blockchain.

BNB Chain’s Red Alarm list — which gets updated every Friday — includes projects and DApps that are deemed risky investments purely based on smart contract assessment. The 191 new projects on BNB Chain that have been added to the list are either suspected of issuing fake tokens, high or opaque tax fees or simply because their websites or Twitter handles don’t work.

*A snippet of the risky projects on BNB Chain. Source: dappbay.bnbchain.org*

The above screenshot shows a portal wherein users can scan any BSC Chain projects for risks. Out of the lot, three projects — CycGo, Piston token and Shorter Finance — were flagged after being suspected of being funded by assets originating from Tornado.

*BNB Chain smart contract-based risk scanner. Source: dappbay.bnbchain.org*

“Make sure to review our weekly Red Alarm list to familiarize yourself with suspicious actors on our network,” read BNB Chain’s announcement on the matter. It is important to note that BNB Chain’s proactive alert is not investment advice and it does not represent the risk level of the underlying DApp projects. Instead, it is aimed at helping users in their research prior to making investment decisions.

On April 10, BNB Chain began the testing of BNB Greenfield, an in-house attempt to deliver decentralized storage solutions.

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— BNB Chain (@BNBCHAIN) April 12, 2023

As Cointelegraph previously reported, BNB Greenfield allows users to create wallets and manage data, while developers are able to exercise control over data assets.

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