Hey,
This app uses Loot alert to read the memory, if Loot alert is bannable then this is also bannable. I don't think Blizzard will ever ban people for using this because it doesn't give you any advantage or alter the game.
But sure there is always a risk when using this because in ToS it says all 3rd party programs are forbidden, but people have asked blizzard and they said they wont ban it. (But this can change over time)
What I know off Warden (D3 anti cheat) only check if any values has been altered (Memory write, DX Inject)(Not 100% sure, And its pretty hard for Warden to see if you read from its memory)