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. <a href="https://dappbay.bnbchain.org/" target="_blank" rel="nofollow noopener">DappBay</a>, a decentralized application (DApp) hub with a new blockchain scanning technology that seeks to identify cryptocurrency projects that are likely to be <a href="https://www.cryptoknowmics.com/news/criminals-primarily-target-young-investors-for-crypto-scams-report/" target="_blank" rel="noopener">scams</a>, is being introduced by BNB Chain, according to a recent business blog post.

<img class="alignnone size-medium wp-image-243288" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2022/07/Screenshot-2022-07-18-150232-300x222.png" alt="" width="300" height="222" />
<h2>Binance Chain Ecosystem</h2>
'DappBay' is a DApp hub on the <a href="https://www.cryptoknowmics.com/news/binance-will-support-bnb-smart-chain-bep20-network-upgrade/" target="_blank" rel="noopener">BNB Chain</a> 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 can rate and shortlist the finest newly released projects, including Games, Defi, NFT, and others, using market data provided by DappBay. The Red Alarm function is of paramount importance, which alerts the community in real-time to potential risks linked with the projects and helps users keep one step ahead of scammers.

Binance Launching Red Alarm Tool to Help Users Detect Crypto Scams

Red Alarm, a new tool that aids users in spotting cryptocurrency frauds has been launched on the smart contract-enabled blockchain created by Binance.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Binance Launching Red Alarm Tool to Help Users Detect Crypto Scams

Top Picks