Riotous
“Riotous” – a cartoon that illustrates how bad actors continue to damage the reputation of crypto exchanges.
Coinbase recently decided to launch its own chain, called ‘Base,’ which used a new technical approach (built on the open-source OP Stack) to create a web3 ecosystem for developers.
Yet, Bald, one of the first tokens on this new ecosystem, despite having no official website or any discernible purpose, creator or utility, was able to attract $85M in capital before closing down leaving most of the investors out of money.
This type of experience feeds into the narrative that crypto is just a wild west. To address this, the industry needs to get better at evaluating the projects listed and then evaluating them once live.
While better processes and technology can help, tapping into the crypto community as part of the alert system is a scalable way to help fellow consumers.
For example, AvengerDAO, a BNB Chain community-driven initiative, deters malicious actors by warning users in real time when they are interacting with the flagged dApps or smart contracts and then assisting users in the safe passage of funds.
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