BNB Chain, the blockchain developed by crypto exchange Binance, recently published an updated Red Alarm list, which includes 191 projects and dApps deemed as risky investments based on smart contract assessment. The Suspects list contains projects suspected of issuing fake tokens, high or opaque tax fees or simply because their websites or Twitter handles don’t work.

In most crypto ecosystems, researchers have to hunt for real threats, and the same applies to BNB Chain. The blockchain platform's proactive alert is not aimed at rating projects and providing any sort of investment advice. It is simply to help users in their research prior to making investment decisions.

It is important to note that this list is not the only precautionary measure implemented by BNB Chain. On April 10, the project released its BNB Greenfield testnet, which is an in-house attempt to deliver decentralized storage solutions. Through the BNB Greenfield, users are able to create wallets and manage data, while developers will be able to exercise control over data assets.

Crypto auditing and bug bounty is a critical process for maintaining cryptocurrency and blockchain networks’ stability. Auditing code helps to protect users from various threats, such as financial losses, data breaches and security exploits. Nonetheless, the programs are not perfect and come with their own set of challenges.

One of the major problems with the current bug bounty process is that the rewards for bounty hunters do not necessarily reflect the value of their work. The costs involved in assessing vulnerabilities and determining major risks are rarely taken into account. Another issue observed with some platforms is that they are too rigid and reluctant to change certain parameters.

Fortunately, some solutions have already been proposed to address these flaws. For instance, we can have platforms that make clear and transparent reward structures, as well as consider the time and cost of bug fixing when determining the reward. Developers can also improve processes by making sure the reward offered is commensurate with the effort the bug hunters have invested. Furthermore, platforms should establish a payment system that allows bounty hunters to receive their rewards quickly and securely.

In conclusion, while BNB Chain's Red Alarm list is a useful tool in assessing the risk level of different crypto projects, it alone is not enough. It is also essential to make sure that bug bounties are improved to reform the security issues of crypto and blockchain networks. This requires platforms to clearly outline the guidelines and incentivize bug bounty hunters for their valuable contribution.



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