AvengerDAO August 22nd Weekly Report

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.

AvengerDAO is a community-driven initiative created to protect the users and projects on BNB Chain from malicious actors and activity. AvengerDAO publishes a list of risk projects and addresses on DappBay Red Alarm every Friday. By actively identifying and flagging such items through DappBay’s Red Alarm, AvengerDAO can help users identify high-risk BNB Chain dApps with the level of risk, the risk description, and other important risk details. Web3 users can safely navigate BNB Chain dApps while staying safe.

Security Incidents

HashDit is an industry-leading blockchain security company that focuses on building a safe ecosystem for both protocol users and smart contract developers on BNB Chain. HashDit is member of AvengerDAO. HashDit’s analysis shows that there were 8 security incidents that happened in the week of August 14th, 6 of which were rug pulls while 2 were hacks.

Lessons Learned

Here are some tips to spot Rugpull projects:

1. From a project level, rugpull projects usually like to jump on certain hot topics. For example, when the social media platform Twitter had its name changed to X. It sparked many copycat projects, utilizing the same token’s name and symbol to fool user’s into purchasing its token. Always check on notable platforms like CoinMarketCap for the official token’s address.

2. Project party centralization is a huge risk to investors. Besides the signs shared previously here, another centralization sign is when the project party has several privileged roles in the contract. Even if the ownership is renounced, there might be another role that the project party still has control and can toggle a rugpull.

Don't dive in blindly! Using DappBay’s Risk Scanner, one can check if there are such risks. HashDit is also emphasizing the importance of “How to identify the rug-pulls?”

Red Alarm Weekly Highlights

AvengerDAO publishes a list of risk projects and addresses on DappBay Red Alarm every Friday. If you have questions or feedback for below risk highlights, please contact here.

Newly Detected High-Risk dApp Projects

Newly Detected High-Risk Address

AvengerDAO members offer APIs to check the security of a contract to be interacted with or get relevant information such as potential risks of a specific address to perform due diligence. AvengerDAO API gives a comprehensive evaluation of each address. We advise you to regularly check with these APIs when receiving an airdrop for a certain token, or interacting with the contracts that they want to invest in. https://dappbay.bnbchain.org/risk-scanner is integrated with these APIs. Please have a try!

The latest high-risk addresses detected from Weekly Scan.

All the addresses are listed here.

Stay Safe - DYOR (Do Your Own Research)

BNBChain community has published detailed guides for crypto users to identify scam projects. Here are some tips:

• Do not rely solely on social media channels and forums for information. You should search a new project on Red Alarm before interacting.
• A thorough DYOR process includes studying the project’s whitepaper, checking its codebase, engaging with its community, and assessing its market potential.
• Use reliable tools and sources to aid your research, such as CoinGecko, CoinMarketCap, Etherscan, reputable news outlets, project websites and blogs, and academic articles.
• Protecting your investment from scammers is as important as identifying the next lucrative crypto project. Always err on the side of caution when in doubt.

About AvengerDAO​

AvengerDAO is a community driven initiative that protects users from possible exploits, scams and malicious actors on BNB Chain. The founding members of AvengerDAO started this because BNB Chain is the largest public chain today, and the larger the community, the greater the responsibility. Our goal is to protect users from financial losses and malicious contracts. Deter malicious actors and notify BNB Chain’s users. We aim to enhance further adoption by setting an industry standard for safe practices and raise awareness on safety and security in the ecosystem.