DappBay Identifies Over 100 Risky dApps on BNB Chain
DappBay, a web3 dApp store for users on the BNB Chain, has recently flagged more than 100 decentralized applications (dapps) with potential risks. These findings were shared by BNB Chain on X (formerly Twitter).
The Red Alarm Component
BNB Chain launched DappBay in July 2022 to provide users with a platform to discover new web3 projects while staying informed about their risk levels in real-time. The key feature of DappBay is its Red Alarm component, which serves as a risk screening tool. This tool regularly updates its list with dapps and smart contracts that have been identified as scams or carry a significantly high level of risk.
Risky dapps on DappBay
One of the dapps flagged as risky on DappBay is Genesis Universe, a non-fungible token (NFT) card exploration game built on the BNB Smart Chain. Despite its popularity and play-to-earn approach, caution is advised due to potential risks in its operation.
Another notable addition to the Red Alarm list is DeXe DAO Studio, categorized under tools and utilities. Although it supports the development of decentralized autonomous organizations (DAOs), its assigned risk level suggests possible drawbacks or issues that users should consider.
Web3 Pilot, a first-in-first-out defi investment platform, was also identified as a high-risk dapp due to its potential involvement in a Ponzi scheme. It attracts investors with unusually high returns but may not deliver on its promises.
Additionally, QuickPay and Silo are categorized as Ponzi schemes, while Defi Ujm is suspected to be a phishing website.
Hot Take: Exercise Caution When Exploring dApps on BNB Chain
If you’re a user on the BNB Chain and enjoy exploring dApps, it’s crucial to exercise caution. DappBay’s Red Alarm component has identified over 100 risky dapps, including popular ones like Genesis Universe and DeXe DAO Studio. These risks range from potential operational issues to involvement in Ponzi schemes or phishing activities.
Before engaging with any dapp on the BNB Chain, make sure to do thorough research, assess the risk levels provided by DappBay, and proceed with caution to protect your investments and personal information.
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