DappBay’s Red Alarm Flags Over 100 Risky BNB Chain dApps

BNB Chain recently unveiled insights via X (formerly Twitter), shedding light on its DappBay platform. Launched in July 2022, DappBay has emerged as a tool enabling users to explore new web3 projects while receiving real-time risk assessments.

Central to DappBay is its Red Alarm feature, a risk screening tool evaluating smart contracts for potential fraud risks or logic flaws. Regularly updated, it identifies dapps and contracts deemed risky or potential scams.

At the forefront of the Red Alarm list is Genesis Universe, an NFT-based game on BNB Smart Chain. Despite its play-to-earn mechanism, caution is advised due to its presence on the Red Alarm list, highlighting operational uncertainties.

DeXe DAO Studio, aiding DAO development, carries a “significant risk” label, hinting at potential drawbacks despite its aim to foster active user participation and expertise.

Web3 Pilot, an investment platform, faces high risk and is flagged for its Ponzi scheme-like traits, enticing investors with unusually high returns.

Red Alarm lists QuickPay and Silo as Ponzi schemes, while Defi Ujm is suspected to be a phishing website, amplifying the need for cautious user engagement.

Through DappBay’s Red Alarm, BNB Chain aims to alert users to potential risks associated with various web3 projects, emphasising the importance of thorough evaluation before engagement.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.