BNB Chain Highlights Hundreds of High-Risk Projects Every Month

A vast number of projects and decentralized applications are being developed and launched every day. However, the crypto community must be aware of the level of risk that these may pose.

BNB Chain, the blockchain developed by the centralized exchange Binance, is taking a proactive approach to helping investors by releasing its red alarm list of high-risk projects and decentralized applications (dApps) currently on the BNB Chain.

This red-alarm list, updated every Friday, includes more than 190 high-risk projects and dApps based on smart contract assessments. Also, it contains projects that might be issuing fake tokens, Ponzi schemes, or sketchy social media channels.

The BNB Chain also offers a scanner that people can use to scan any BNB Chain project for associated risks. It is important to mention that neither the red alarm list nor the risk scanner are financial or investment advice. These tools help users make more intelligent decisions by pointing out potential risks.

With the crypto industry growing exponentially, exciting opportunities also arise. It is crucial to be informed and monitor projects and dApps on the blockchain to avoid getting into fraudulent projects. The BNB Chain’s red alarm list and risk scanner are valuable tools for users and investors to better understand the complex world of decentralized finance (DeFi) by providing more knowledge and awareness.

Source: https://blockchain.news/news/bnb-chains-red-alert-flags-191-high-risk-projects