BNB Chain Launches New Tool To Help Users Detect Malicious Projects and Scams

The smart contract-enabled blockchain developed by crypto exchange giant Binance is launching a new tool that helps users detect crypto scams.

According to a new company blog post, BNB Chain (BNB) is launching DappBay, a decentralized application (DApp) hub featuring Red Alarm, a new blockchain scanning tool that aims to detect crypto projects that are at high risk of being scams.

“DappBay is a DApp hub on the BNB Chain ecosystem that offers users the necessary tools to navigate the space more safely. DappBay features an easy-to-use contract risk scanning tool, Red Alarm, which identifies potential high-risk projects to help users protect their investments from potential risks.”

DappBay also ranks recently-launched digital asset projects based on market data so traders can maximize investments.

“DappBay shortlists and ranks the best recently launched projects, including Gamefi, DeFi (decentralized finance), NFT (non-fungible token), etc., based on market data.

With ‘Fastest User Growth,’ ‘Best Performing Tokens’ and ‘Trending’ rankings, you can easily find the newest and most popular projects, and swiftly seize investment opportunities.”

Gwendolyn Regina, investment director at BNB Chain, says that the aim of the security tool is to help traders stay a step ahead of scammers and protect their investments.

“Using market data, DappBay allows the BNB Chain community to shortlist and rank the best recently launched projects, such as Gamefi, Defi, NFT, and others.

Most importantly, the Red Alarm feature helps users in staying one step ahead of scammers; the system warns in real time of potential risks associated with the projects, allowing the community to make informed investment decisions.

This is a breakthrough, not only for the BNB Chain community, but for the entire blockchain community.”

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