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DappBay Sounds Alarm for Latest Projects Exhibiting Risk

2022.9.13 • 2 min read

Disclaimer: The information provided through the BNB Chain community does not constitute advice or recommendation for investment or trading. Projects are listed in no particular order below. BNB Chain does not take responsibility for any of your investment decisions. Please seek professional advice before taking financial risks.

The Red Alarm list highlights risky dApps on BNB Chain. The dApps on the Red Alarm list are assigned a significant or high-risk level and range from rug pulls to scams.

In most cases, a risky dApp’s contract performs differently from what the dApp advertises. When dApp users interact with risky contracts, they are at risk of losing all their funds.

The Red Alarm list is updated every Friday on DappBay to include new risky projects and decentralized applications. With an increasing number of dApps on the Red Alarm list, users can sort dApps by category, date listed on Red Alarm, and highest number of users.

The list of dApps on Red Alarm for Friday 9th September 2022 includes Basic BNB, USTC, Freemoon, LycanFi, and BearnFi.

Find out more about the level of risk each of the aforementioned projects exhibits, and learn about some of the reasons we are alerting you about them.

Sr. No.	dApp Name	Level of Risk	Risk Description
1	Basic BNB	High-Risk	1. The project is a scam 2. Basic BNB is posing as a fake $BNB token
2	USTC	High-Risk	1. The project is a scam 2. USTC is posing as a fake $USDC token.
3	Freemoon	High-Risk	1. The project is risky 2. Excessive tax fees 3. Insecure official website
4	LycanFi	High-Risk	1. The project is a rug pull 2. Too few participants 3. High concentration of tokens in few wallets 4. Token supposedly pegged 1:1 with BUSD, however, the token's price is 0.0227BUSD
5	BearnFi	High-Risk	1. The project is risky 2. High concentration of tokens in few wallets 3. The official Twitter account is banned

We implore you to act with caution in general, but ask you to take particular care when dealing with the projects we highlight as risky on our weekly update. We want you to continue enjoying our ecosystem and most importantly, stay SAFU!

Follow us to stay updated on everything BNB Chain!