Binance-owned BNB Chain in a bid to help users make the right investment decisions has updated its red alert list to include 191 high-risk initiatives, fake tokens, and decentralized applications (DApps) hosted on the blockchain.
The red alarm list of BNB Chain, updated every Friday, includes projects and DApps considered risky investments based solely on intelligent contract evaluation.
The 191 new projects added to the BNB Chain list are either suspected of issuing fraudulent tokens, charging excessive or opaque tax fees, or their websites or Twitter handles do not function.
This image depicts a portal where users can examine any BNB Chain project for potential risks. Three initiatives, namely CycGo, Piston token, and Shorter Finance, were flagged after being suspected of receiving funding from Tornado assets.
BNB Chain’s announcement stated, “Be sure to review our weekly Red Alarm list to familiarize yourself with suspicious actors on our network.”
It is essential to note that BNB Chain’s proactive alert is not investment advice and does not represent the level of risk associated with the underlying DApp projects. Instead, it is designed to assist users in investigating and making investment decisions.
BNB Chain began testing BNB Greenfield, an endeavor to provide decentralized storage solutions, on April 10.
According to reports, BNB Greenfield enables users to establish wallets and manage data while developers can control data assets.
