The BNB Chain blockchain developers have taken swift action by adding 191 projects to their red list.
This list serves as a warning to investors about the possible dangers of investing in fraudulent projects.
The updated list includes projects that have fake tokens, exorbitant withdrawal fees, or developers who have reported non-existent project addresses on Twitter.
In some cases, projects have been added to the list because funds were received from addresses linked to the Tornado Cash mixing service.
Among the projects added to the red list are CycGo, Piston, and Shorter Finance.
While the red list should not be viewed as an investment recommendation, it is an important factor to consider when investing in projects on their network.
The BNB Chain developers caution that just because a project is not on the red list, it does not mean it is safe to invest in.
Meanwhile, financial regulators in several US states have raised concerns about the YieldTrust.ai project, which is powered by the BNB Smart Chain and is suspected to be a cryptocurrency pyramid scheme.