It turns out that hundreds of decentralized applications on Binance Smart Chain actually pose a risk. BNB Chain-based DappBay, the Web3 dApp Store dedicated to providing a secure environment for users to discover and use decentralized applications (dApps) on BNB Chain, has detected more than 100 risky dApps in its latest Red Alert update, according to a recent announcement . Using the Red Alert application for this purpose, the platform marked important projects such as Genesis Universe, DeXe DAO Studio, Web3 Pilot, Quick Pay, Silo and Crystal. Here are the details…
What are the risky dApps on the Binance network?
Genesis Universe, an NFT card discovery game on the Binance Smart Chain (BSC), has attracted attention as it features prominently on DappBay’s Red Alert list of risky dApps. The game, themed around exploration and battle in a new world, has been categorized as high risk due to undisclosed factors that pose a potential threat to users.
https://twitter.com/BNBCHAIN/status/1728473624368009481
Positioned under the tools and utilities category, DeXe DAO Studio has been tagged with “significant risk” in DappBay’s Red Alert. Designed to facilitate the sustainable growth of Decentralized Autonomous Organizations (DAOs), the platform emphasizes active member participation and expertise. Despite its purported purposes, the risk assessment by Red Alarm highlights potential dangers associated with the dApp.
There is even a Ponzi scam crime
Web3 Pilot, which was flagged as a “High Risk” dApp on Red Alert, is accused of running a Ponzi scam that promised investors unrealistically high returns. Categorized at high risk by Red Alarm, the platform adds to the growing list of dApps that have raised concerns in the BNB Chain ecosystem. Investors are urged to be careful and conduct thorough research before participating in such projects. DappBay also listed other dApps with specific details. The platform’s listing model includes daily updates as it identifies riskier dApps on BNB Chain.
Some ‘high risk’ projects on DappBayDappBay’s Red Alert app continues its vigilant efforts to protect users on BNB Chain by providing real-time updates on risky dApps. With a comprehensive tabular format detailing names, categories, risk factors, risk levels and listing dates, the platform aims to empower users with the information necessary for informed decision-making. While BNB Chain executives express confidence in the Red Alert feature’s ability to reduce fraud rates, the cryptocurrency community remains vigilant in an environment where potential fraud and risks are increasing.
Some ‘high risk’ projects on DappBay
