Pandas, cyborgs, dogs and koalas top BNB channel's red flag list

BNB Channel Red Alert System flags projects based on obvious features that have historically been used in scams, draws mats and phishing.

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BNB Chain, a blockchain network created by crypto exchange Binance, has identified more than 50 blockchain projects that pose significant risk to users. A mix of crypto spin-offs akin to Dogecoin (DOGE) and Binance and others dedicated to pandas, cyborgs and koalas made the list of untrustworthy and high-risk projects.

BNB Chain's red flag feature, which was implemented to protect investors from scams and potential scams, flagged projects based on two main criteria: if the contract performed differently than what the owners of the project have announced or whether the contract has risks that may influence users' funds.

Talking to Cointelegraph, Gwendolyn Regina, chief investment officer at BNB Chain, said the Red Alarm system analyzed 3,300 contracts in July alone, adding that the company continues to develop new metrics to highlight deceptive practices in the ecosystem. /p>

New projects that have not been tested and lack actual products are flagged by the system based on obvious features that have historically been used in scams, sweepstakes, and phishing. Regina added:

"We will tend to put these on the 'red alarm' list to effectively warn users not to stray or participate with caution."

As a result, the real-time identification of risky projects serves as a proactive measure to help protect investors' funds. Red Alarm also allows users to assess project risk by entering the contract address to find out if it has any logical flaws or fraud risks.

In addition to BNB Chain's metrics, Regina recommended that investors "do their own research" while engaging in projects within the BNB Chain ecosystem.

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