The BNB Chain fake tokens list can be seen as a kind of proactive warning, although this list does not fully indicate the level of risk of DApps projects currently ongoing, it is intended to assist users in their research before making investment decisions.

BNB Chain, the blockchain developed by the cryptocurrency exchange Binance, has updated its "Red Alert" list. It added 191 high-risk projects and decentralized applications (DApps) to this list.

BNB Chain Fake Tokens

BNB Chain's “red alert list”, updated every Friday, includes projects and DApps that are considered risky investments based solely on smart contract evaluation. The 191 new projects on BNB Chain added to the list include addresses that issue fake tokens, high or opaque tax (hidden tax) fees, and websites and Twitter accounts that do not work properly.

A Slice of Risky Projects in the BNB Chain. Source: dappbay.bnbchain.org

The screenshot above shows the portal where users can search for risks in any BNB Chain project. Apart from these, these three projects: "CycGo, Piston token and Shorter Finance"; It was added to the red alert list after it was suspected to be funded by tornado-derived assets.

Smart Contract Based Risk Scanner on BNB Chain. Source: dappbay.bnbchain.org

What is BNB Chain DappBay?

Dappbay.bnbchain.org is a risk scanner running on Binance Smart Chain. This platform analyzes smart contracts used on Binance Smart Chain and was developed to detect potential risks within these contracts. The risk scanner provides detailed information about the functions, features and content of smart contracts on Binance Smart Chain and measures potential risks to the security of these contracts. Therefore, the dappbay.bnbchain.org platform is a useful tool for investors who want to analyze the security of smart contracts before investing on Binance Smart Chain.

"Be sure to review our weekly Red Alert list to recognize suspicious actors on our network," BNB Chain's announcement on this matter read. The statement is included. It is important to know that this proactive warning from BNB Chain is not investment advice and does not represent the risk level of DApps projects featured on BNB Chain. Instead, it aims to assist users with their research before making investment decisions.