The cryptocurrency market is full of suspicious tokens and projects with questionable foundations. Often, the creators of such coins use a trick to quickly build market capitalization, only to abandon the project a moment later and take the investors’ money with them. Luckily for us, there are several entities in this industry that regularly monitor the structures of various cryptocurrencies and publish reports containing warnings. One of them is the BNB Chain team.
BNB Chain advises caution with these projects
The BNB network, which is behind the Binance cryptocurrency exchange, regularly publishes a “red alert list”. It contains a list of tokens that analysts believe are dangerous. The report is periodically updated every Friday. The latest list contains as many as 191 projects that have been classified as “high risk”. This list also includes decentralized applications (DApps), which are currently hosted on the network’s side chain. A number of suspicions have been raised regarding the new projects that have been noted on the BNB Chain. They potentially issue fake tokens, impose an unclear fee system, or there is simply no data on the network confirming their foundations.
The blockchain team also provides a special tool, BNB Chain DappBay. With it, users can risk-scan any project on the chain.
Moreover, the latest list highlights three projects – CycGo, Piston token, and Shorter Finance – that are suspected of being financed via Tornado Cash assets.
Be sure to check our weekly red alert list to see which entities are suspicious in our network.
– we read in the BNB Chain announcement on this matter.
However, we would like to remind all readers that the warnings from BNB Chain are only intended to share the team’s observations. The content of the reports should never be considered as investment advice.
The BNB network is growing
It is also worth mentioning that on the occasion of the topic related to BNB, the developers of this network are in the process of testing a new infrastructure. We are talking about BNB Greenfield. Thanks to the new functionality, users and decentralized applications will be able to store and manage specific data using personal keys and private access. We wrote more about it here.
