Binance Launching Red Alarm Tool to Help Users Detect Crypto Scams

A new tool called ‘Red Alarm’ to aid users in spotting cryptocurrency frauds has been launched on the smart contract-enabled blockchain created by crypto exchange Binance. DappBay, a decentralized application (DApp) hub with a new blockchain scanning technology that seeks to identify cryptocurrency projects that are likely to be scams, is being introduced by BNB Chain, according to a recent business blog post. Binance Chain Ecosystem ‘DappBay’ is a DApp hub on the BNB Chain ecosystem that gives users the tools they need to move around more safely. Red Alarm, a simple-to-use contract risk scanning tool offered by DappBay, helps users protect their investments from potential threats by identifying prospective high-risk projects. To help traders maximize their investments, DappBay also assesses recently established digital asset ventures based on market data. Based on market statistics, DappBay selects and ranks the top recently launched projects, such as Games, DeFi (decentralized finance), NFT (non-fungible token), etc. You may quickly locate the newest and most well-liked projects and take advantage of investment possibilities with the help of the “Fastest User Growth,” “Best Performing Tokens,” and “Trending” rankings. According to Gwendolyn Regina, investment director at BNB Chain, the security tool’s goal is to assist traders in staying one step ahead of con artists and safeguarding their capital. The BNB Chain community ca...