In a recent upgrade, DappBay, a web3 decentralized application (dApp) store for users on the BNB Chain, identified over 100 dapps as potentially dangerous.
In July 2022, BNB Chain introduced DappBay, a platform that lets customers find new web3 applications and instantly learn about their risk profiles.
The core of DappBay is its Red Alarm component, a risk screening tool that checks smart contracts for logic errors or fraud concerns in order to help identify potential scam projects and rug pulls.
This program adds dapps and smart contracts that have been rated as scams or as having an exceptionally high risk of failure to its list regularly.
Genesis Universe is a well-known name on DappBay’s list of dangerous dapps. It is an exploration game for non-fungible tokens (NFT) based on the BNB Smart Chain.
In this game, players fight and explore a new universe while adhering to the play-to-earn strategy that is becoming more and more popular. But the fact that it’s on the Red Alert list suggests that there may be hazards associated with its operations, so investors and users should exercise caution.
It was determined that Web3 Pilot, a first-in, first-out decentralized investing platform, was a high-risk dapp. According to Red Alarm’s assessment, the platform’s primary risk is that it might be a Ponzi scheme that deceitfully lures investors in with the promise of exceptionally large profits.
In Red Alarm’s list, decentralized apps like Defi Ujm, Silo, and QuickPay are also highlighted. While the third appears to be a phishing website, the first two are classified as Ponzi scams.
