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AvengerDAO September 5th Weekly Report

2023.9.4  •  4 min read
Blog post image.

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 5 security incidents that happened in the week of September 5th.

Protocol / Contract Name

Attack Vector

Loss

STV

Price Manipulation

$400k

Fake Circle Token

Rugpull

$265k

Harry Potter Obama PacMan Inu ($XRP)

Rugpull

$162k

EAC

Lack of validation

$6.5

LVRouter

Lack of validation

$2.1k

Lessons Learned

Here are some tips to spot Rugpull projects:
1. Project website has a very simple static one-pager website.

Usually scammers spend little effort on their official webpage. They might outsource this job to an external developer who uses a standard template for DApp websites. As such, this scam website might look similar to previous rug projects.

2. Low-effort WhitePaper or Documentation

Another clear sign is when there is no clear direction in the project’s whitepaper, documentation or roadmap. It might simply be another copy of another legitimate project. The project team might mix some buzzwords to create hype but essentially there is no real value, besides getting you to invest in their token.

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

Category

Description

Spotted Project This Week

Ponzi or potential Ponzi dApps

Ponzi schemes lure investors with the false promise of extremely high returns.

Phishing dApps

Phishing usually forges legitimate web pages to trick you into entering your private keys or authorizing transactions that you don't understand. 

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.

No.

BSCScan Link 

WAT

1

https://bscscan.com/address/0xc198c3b7b970cbac315614cf27a1b7eb332048d6

142022

2

https://bscscan.com/address/0xba509bdb71a29301860800e13867b59b461747af

116733

3

https://bscscan.com/address/0x2eeff21c71ae38f9c34496cd9250c0d186dcd988

115070

4

https://bscscan.com/address/0x45c36b3ee5f6c9b4b494515b21a59b8b78336536

108328

5

https://bscscan.com/address/0xffe811714ab35360b67ee195ace7c10d93f89d8c

99858

6

https://bscscan.com/address/0xdc35505fbf46605f61014b9b2ac96826c47017d5

76128

7

https://bscscan.com/address/0x98f39d0f8c67885071cc99c5af1d4cacbcc89b0c

63654

8

https://bscscan.com/address/0x346668d355f22aaddda10eef35f9ba86ec558652

52490

9

https://bscscan.com/address/0x04f46cdfe8dd348e41902eef1aff19ace1661f4c

50593

10

https://bscscan.com/address/0x94863b9591a6be6cd9d82bcfe4bb2c2ac23897c9

49213

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 for 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.

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