Binance Red Alarm Flags 70 Crypto Projects As Potential Exit Scams

BNB Red Alarm

The Binance Red Alarm has flagged 70 crypto projects built on the platform as potential exit scams. This was revealed in a Twitter post by the Binance VCo founder Changpeng Zhao. Zhao, in a Twitter post on Monday said that more than 50 of these projects have been flagged as potential exit scams that carry significant risks.

The projects listed on Dapp Bay are actually 70 and are ranked based on the risk that they pose to investors. According to the Dapp Bay Red Alarm, the projects were assessed and found to be untrustworthy “carry extremely high levels of risks.”

They Risks That They Pose

These projects were flagged mainly because of malicious risks that they pose to the users. For some of the projects, their contracts behave differently from how they were advertised. For others, the contracts pose significant risks to the funds of the users. There are still others that contain what the platform called logical programming that have the potential of draining the funds of the users.

For instance, BabyDogGas’ contract bears risks capable of influencing the funds of users, while WebDAO has been programmed to act differently from what the owners claim that it would.

Capable of Draining Users’ Funds

Flagged  contracts that could drain the funds of users include, Baby7DAO, BTCClub, Koala’s World, Doomer, Crypto Worms, Day of Rights, 1Cent, MilkyWay, CaishenCoin and Metamax Online. 

Others are Web3.0, Walkee, Panda Pets, Eradex Labs, Walky World, Glamor Coin, Punk Panda, Cyborg Stables, Agera Finance, Tate Token, Honey Farm, Alrihla Crypto, and French Football.

Influence On User Funds

The projects containing one or more risks that could influence the funds of the user are BabyDogGas, BTCBulldog, SmurfsINU, CryptosTribe, Safezone, Superstep, Neoteric Finance, Baby Luna, Futbolista, SEXN, Cheems Cat, Forest Tiger, Safe Zone, BearnFi, Solana Farm and My Farm Pet. 

Still in this category are SolwapFinance, Car Swap, Waterfall Finance, Beep Staking and Liquid Squid Game.

Contracts That Act Differently from What Makers Claim

Among the contracts that performed differently from what the owners said that it does, the Binance red alert listed, Zillion AAKAR XO, The BUSD Crop Farmer, TikTak Token, The BNB Crop Farmer, Tegridy, Grinch Bucks, Londex, DiamondLock, Farmer Shiba, Baked Beans, Smart Chain DeFi, BNB Miner, BNB Seed, Forsage Official and Elron.

Others are BNB Miner, BNB Glow, BNB Stake, BinanceCoin, BNB Grow, BNB Yield, BNB Web3, Binance Yield, Drip and Web DAO.

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Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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