BNB Chain, the network powered by the leading exchange platform, Binance has upgraded its red alert list to include new 191 projects including decentralized applications (DApps) and tokens hosted on the network.
BNB Chain alerts users on fake tokens
According to the April 16 upgrade on its platform, most of the included projects were flagged for various reasons ranging from inaccessible websites or Twitter accounts, to issuing fake tokens.
Some other projects like CycGo, Piston Token, and Shorter Finance were flagged for allegedly being funded by assets from the sanctioned crypto mixer, Tornado Cash. Over 150 of the flagged projects are designated “fake tokens”.
BNB’s red alarm list which is usually upgraded every Friday features high-risk DApps on the network. As per the firm’s post, users are at risk of losing investments in these projects because the projects do not align with their advertisement functions.
Although the platform noted that the alert list is not investment advice, it will help users make informed decisions regarding their investments. Scammers have always deployed the use of fake websites and phony links to rob users of their assets.
Recall that investors lost over $300,000 worth of tokens to fake websites marketing BLUR token airdrop after scammers leveraged the popularity of the zero-fee NFT marketplace to spread malicious websites
BNB Chain scores new highs in 2022
The developers of the network have attributed its successes in 2022 to a number of activities it carried out during the course of the year.
The BNB Sidechain protocol enabled developers of decentralized applications (DApps) to run their DApps on several network segments, reducing network congestion and transaction costs. Additionally, the network also initiated a $10 million incentive program to encourage developers to build more projects for the BNB Chain.
As previously reported, the number of unique addresses on the BNB Chain surpassed that on Ethereum as at the end of last year. At the time, the BNB Chain had 233 million distinct addresses in comparison to Ethereum’s 217 million making it the largest layer1 blockchain.
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