BNB Chain Issues List of 191 High-Risk and Untrustworthy Fake DApps and Tokens

BNB Chain, the blockchain developed by cryptocurrency exchange Binance, updated its red flag list to include 191 high-risk projects and decentralized applications (DApps) currently hosted on the blockchain.

The BNB Chain Red Flag List, updated every Friday, includes projects and DApps that are considered risky investments based solely on smart contract evaluation. The 191 new projects on the BNB Chain that were added to the list are suspected of issuing fake tokens, high or opaque tax rates, or simply because their websites or Twitter accounts are down.

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

The screenshot above shows a portal where users can scan any BNB Chain project for risk. Of the batch, three projects – CycGo, Piston token and Shorter Finance – were flagged after it was suspected that they were funded by assets originating from Tornado.

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

“Be sure to check out our weekly red flag list to familiarize yourself with the suspicious actors in our network,” the BNB Chain message reads. advertisement on the matter. It is important to note that the BNB Chain proactive alert is not investment advice and does not represent the level of risk of the underlying DApp projects. Instead, it is aimed at helping users in their research before making investment decisions.

Related: 73.3% of Q1 Carpet Pulls Happened on BNB Chain: Immunefi

On April 10, BNB Chain began testing BNB Greenfield, an internal attempt to offer decentralized storage solutions.

We are celebrating the launch of the BNB Greenfield testnet!

Read the article below, then complete the steps below and we’ll pick 5 entries to share a $500 prize pool on April 19. https://t.co/O5BkyIJDSq

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— BNB Chain (@BNBCHAIN) April 12, 2023