# Binance launches new tool that helps users detect crypto scams

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Last modified: 2022-07-18

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By Paul Ebeling · 2022-07-18
Tags: Shayne Heffernan on Investments, Luxury, Lifestyle, security, Paul Ebeling, Crypto, Education, crypto, Knightsbridge Insights, Living, Knightsbridge, Blockchain, Featured, Business, Market, Money, Applications
Signed: no (published before platform launch).
Nothing in this article is investment advice.

#crypto#binance #security

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

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.”*

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.”*

Have a prosperous week, Keep the Faith!

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