BNB Chain flags 191 crypto projects as high-risk in ‘red alarm’ list

Danger

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...

17 April 2023 | Blockchain Applications

Three quarters of rug pulls happened on BNB Chain in Q1 2023

Hacking

Of all the rug pull scams carried out across the crypto ecosystem in the first quarter of 2023, almost three quarters occurred on Binance’s BNB Chain, according to a report from Immunefi.

The blockchain security firm’s latest report, ‘Crypto Losses in Q1 2023’, looked at the different kind of crypto hacks, scams, and exploits that took place in the first three months of the year.

It found that 73.3% of rug pull scams, where developers attract investor money for a...

6 April 2023 | Cryptocurrency

Chainalysis: Crypto scammers adapt to match market conditions

Bear Market

Crypto scammers are finding ways to adapt to the bear market despite revenue from scams halving last year, according to research from blockchain analysis firm Chainalysis.

A crypto crime webinar hosted by the company explained how scammers tend to shift their tactics as market conditions change.

Such tactics have allowed some scammers to continue to thrive, even though overall revenue from crypto scams fell by 46% in 2022.

Eric Jardine, cybercrime research lead...

24 March 2023 | Blockchain Applications

Australian competition watchdog sues Meta over crypto scam adverts

Facebook (Meta)

The Australian Competition and Consumer Commission (ACCC) is suing Meta for allowing alleged scam advertisements for cryptocurrency investments.

Australia’s competition watchdog said the adverts used local celebrities and fake media articles to promote and endorse their schemes.

Entrepreneur Dick Smith and television presenter David Koch were amongst the Aussie celebrities used to trick users into trusting the promotions, despite having never personally approved...

22 March 2022 | Cryptocurrency