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BNB Chain's Dapp Aggregator Flags Two Scam Projects

Launched in mid-July, DappBay flags Smart Chain DeFi, Web Dao projects.

Minimizing Risks With DappBay

On July 25, BNB Chain announced that new product DappBay had successfully detected risk of harm to the community from two projects through deception and misuse of user funds for personal gain.

DappBay is a Decentralized Applications (dApps) hub with anti-phishing features launched by BNB Chain in mid-July.

The first risky project is called Smart Chain DeFi. BNB Chain warns that users should not come into contact with the platform at all because the project will try to trick them into approving $USDT for transactions and then stealing these tokens.

The second is Web Dao. After using DappBay's analysis technology, the BNB Chain team discovered the following suspicious points:

  • The project has fake followers and endorsements.
  • There are signs of continuous cash withdrawal through fund analysis.
  • The development team is anonymous and the product is limited.
“This is a warning to all bad actors looking to take advantage of innocent users on the #BNBChain ecosystem. DappBay is working tirelessly to identify and bring attention to your efforts,” the BNB Chain development team said on Twitter.

BNB Chain warned scammers that DappBay is on constant vigil for potential fraud and theft.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the most prominent digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |

What Is DappBay:

DappBay is an aggregator for decentralized applications built on the BNB Chain ecosystem. DappBay provides users with the tools necessary to make informed investment decisions. With Red Alarm, users are also safeguarded from exposure to risky projects on the chain. 

Where to Find DappBay:

Website

 

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