BNB Chain, the blockchain network of crypto exchange Binance, has updated its red alarm list with 191 new projects and decentralised applications (DApps) it considers to be high-risk.
The red alarm list is updated every Friday, warning users of projects and DApps on the blockchain that the developers consider to be risky investments.
Judgements are made based on an assessment of each project or DApps’ smart contract.
BNB Chain said that the 191 new projects added to the list are expected of issuing fake tokens, having high tax fees, or websites and social media URLs that don’t work.
Examples of some projects deemed risky by BNB Chain on its red alarm list.
BNB Chain said in an announcement: “Make sure to review our weekly Red Alarm list to familiarize yourself with suspicious actors on our network.”
The blockchain stressed that its alert is not investment advice and does not definitively represent the risk level of any project or DApps. The list is designed to help users conduct their own research before making any investment decisions.
BNB Chain also offers a risk scanner where users can scan any project on the blockchain for risks.
Three of the projects in the red alarm list, CycGo, Piston, and Shorter Finance, are labelled as having potentially been funded by assets from the now-sanctioned crypto mixer Tornado Cash.
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