50 projects flagged as scams by Binance Chain

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On August 15, Binance Chain identified more than 50 projects on the platform that could potentially harm users.

Previously, Binance Chain has integrated the Red Alarm feature to protect users from projects that are likely to be rug pull and scam. Project marking is based on two factors: a contract that works differently from a referral from the project owner, or a smart contract that has the potential to adversely affect user assets.

A special feature of this list includes many projects that imitate Dogecoin (DOGE). Some projects have followed the trend of “animals” like Dogecoin such as pandas (pandas), koalas (koalas) and even cyborgs. In addition, some other projects have copied the name of Binance Chain.

List of projects marked

Gwendolyn Regina, Chief Investment Officer at BNB Chain, said that the Red Alarm system analyzed more than 3,300 contracts in July alone, and said the company will continue to take other measures to eliminate scams in the ecosystem. thai.

New projects that are untested and lack products will be flagged based on the same features used in scams, rug pulls and phishing attacks.

“Most importantly, the Red Alarm feature helps users to avoid scamers; the system warns of hidden risks in the project, helping the community to make the right investment decision,” said Regina.

Although, this is a useful tool for BNB users, the company still advises investors to “do their own research” when approaching projects on the BNB Chain ecosystem.

Source MarginATM

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