Earlier quoted context omitted.
In this instance, WASM shares JS' sandbox and security model down to the implementation , so the added risk is extremely limited. The only part that could be dangerous is the parser.
From WAVM's Github README: "This is a prototype of a simple standalone VM for WebAssembly" So it doesn't share code with a JS implementation in this case.
This project fits in the latter category. It does not claim that downloaded binaries are protected by a sandbox, and the only security claim it makes is the following weak one: “The generated code should be unable to access any memory outside of the addresses allocated to it”.