I found a project offering an airdrop but required participants to download and install their mobile app. The app is newly made with only few hundreds download and I don't think I'll ever use it.
Is it too risky?
I guess it may be, but it is normal when airdrop rules requires app installing. They(team of the project) need to advertise their product, and if they have app one of the ways to advertise it is to increase the quantity of downloads. How could they do it without huge advertising payments? Right, they require airdrop participants to download it. Airdrop-as-is.
By the way Google Play checks apps for viruses. But not perfectly, from time to time

Remember about that