Tag: bnb chain

Binance’s BNB Chain Reveals ‘Red Alarm’ List of 191 Risky dApps Running on Its Network: Details

Binance’s BNB Chain has alerted the global crypto community against engaging with several suspicious dApps operating on its network. The BNB Chain, that currently plays host to a plethora of decentralised apps (dApps), has updated its ‘Red Alarm’ list with the names of 191 dApps that may pose financial risks to users. These flagged dApps include Cineru, Sezams, Shorter Finance, The Bandit Project, The Cake Monster, and OnlyBrain. BNB Chain’s list of potentially risky dApps also reflects the reason why they have caught its attention and the reasons range from their Twitter handles being dormant to a lack of a functional website.

“Often, these risky dApps’ contracts don’t align with their advertised functions, putting users at risk of losing funds,” the BNB Chain posted on its official blog page. Many of the dApps listed on the Red Alarm index have raised suspicions about offering fake tokens or high tax fees, raising the number of ways unsuspecting investors could lose their hard-earned funds.

Some dApps like Piston Token, CycGo, and Shorter Finance made it to the list due to their association with crypto mixer Tornado Cash, that is facing heavy scrutiny in the US for helping cybercriminals distribute illegal tokens to anonymous wallets. As per the analysis conducted by the BNB Chain, these apps are suspected to be funded by assets emerging out of Tornado Cash, a CoinTelegraph report states.

Riding on the success of ChatGPT, scammers have also launched a bunch of dApps sounding like ChatGPT to take advantage of crypto investors. As per the blockchain’s blog, the Red Alarm list is updated every Friday to warn the crypto community of risks on the network.

“The Red Alarm list showcases high-risk dApps on BNB Chain, which may involve rugpulls or scams and are assigned significant risk levels. DappBay updates the Red Alarm list every Friday to include new high-risk projects and decentralized applications. To better navigate the growing list, users can sort dApps by category, date added to Red Alarm, or user count,” the official blog adds.

An element of the Web3 world, dApps are software programs that run on a blockchain rather than on a single computer or server, that keeps them away from the control of a single authority making them free of censorship. Developers are releasing dApps across verticals including gaming, social media, and finance among others.

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BMW Agrees to Integrate Blockchain With Operations, Partners With BNB Chain, Coinweb

BMW is set to foray into the blockchain technology, aiming to make its financial infrastructure more permanent and transparent in terms of maintaining records. The German luxury car maker has partnered with Coinweb, a layer-2 cross-chain computation platform, to execute smart contracts. Binance’s BNB Chain has been handpicked by BMW to be the foundation for the initiative because of its low cost and fast transaction speed offerings. BMW has chosen its Thailand operations to execute the first phase of its blockchain transition.

Interested purchases of BMW in Thailand will have to apply for a vehicle financing requirement on a platform that will be designed by Coinweb. This platform will essentially have buyers store their KYC details in an irreversible format and in accordance with the laws of Thailand, Coinweb said in an official announcement.

“We foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency,” said CEO Bjorn Antonsson of BMW Leasing, Thailand division.

The pilot of BMW’s blockchain move has been divided in two parts. The first part will see work around creating a future plan for BMW to explore with cross-chain smart contracts. This would save time between customer and company that otherwise continues to get prolonged with manual processes.

The second part will see Coinweb developing a special Web3 service to produce a blockchain-based loyalty programme for Thailand’s BMW customers.

Collecting rewards on this programme will earn customers special offers and services.

“We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully leverage blockchain technology and benefit hugely from it, without deviating from their core values and mission,” said Toby Gilbert, CEO, Coinweb, commenting on the deal.

This year, several prominent institutions in several parts of the world have seen a fandom for blockchain.

On December 14, Italy partnered with Algorand blockchain to support an upcoming digital guarantees platform to issue bank and insurance guarantees on blockchain, which is a digital ledger technology (DLT). With this, Italy will officially become the first member nation of the European Union (EU) to mix blockchain with its financial and insurance systems in 2023.

Recently, the Algorand blockchain was also chosen by the Maharashtra government in India to store and support health data as NFTs.

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OpenSea to Now List NFTs Created on BNB Chain in a Bid to Attract More Buyers

OpenSea is expanding support for NFTs built on different blockchains, amid a rise in newer marketplaces coming up to sell digital collectibles. In a fresh development, OpenSea has announced that NFTs built on the BNB chain will now be listed and sold on its platform, which is touted as the biggest NFT marketplace with over a million registered users as of last week. In total, OpenSea now supports NFTs created on five blockchains — Ethereum, Polygon, Klaytn, Solana, and BNB Chain.

OpenSea is trying to rope-in more buyers on its platform to keep its business shielded against market volatility and competition heating up the sector.

“This update will make it simpler to reach even more users and creators on the chains they prefer,” a CryptoPotato report quoted Jeremy Fine, Head of Business and Corporate Development at OpenSea as saying.

In February 2022, the Binance Chain and the Binance Smart Chain merged to form one BNB Chain, eliminating programmability restrictions and increasing efficiency.

In an official blog post published in October, Binance called BNB Chain the world’s largest smart-contract blockchain with regards to transaction volume and daily active users.

By October, the BNB Chain had already processed three billion transactions while providing a support ecosystem for over 1,300 DApps.

“The integration [with OpenSea] will bring a large number of creators into the wider system, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem,” said Gwendolyn Regina, the Investment Director at BNB Chain.

According to crypto analytics community Dune data, OpenSea’s trading volume hit a peak of around $5.8 billion (roughly Rs. 46,400 crore) in January.

Moreover, after over $260 million (roughly Rs. 2,070 crore) were collectively bagged by reputed brands who explored selling NFTs with their products recently, more companies are entering the sector on a daily basis.

The month of March this year, saw maximum number of NFT-related applications of 1,078 in the US.

OpenSea had added support for NFTs created on the Solana blockchain earlier this year and is expected to announce support for more blockchains in the coming days.

Meanwhile, the entry of new NFT marketplaces has been happening more regularly than not in recent months.

In November itself, ApeCoin DAO has announced the launch of its own NFT marketplace.

In January, newly launched LooksRare marketplace had recorded a sales volume of $394 million (roughly Rs. 2,912 crore) within just three days of launch.

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