The BNB Chain Red Alarm flag list now includes cryptocurrency spin-offs
The Red Alarm has flagged over 50 new on-chain projects that pose a significant risk to users. The list of flagged projects is dominated by crypto spin-offs of the popular meme coin, Dogecoin (DOGE) and Binance (BNB).
There are also other on-chain projects on the list that are inspired by pandas, dogs, koalas, cyborgs, and smurfs.
The Binance Smart Chain Red Alarm
A contract risk screening tool called Red Alarm of the DappBay is created on the BNB chain to evaluate the risk of projects that have been pre-screened based on traits that have historically been present in fraudulent cryptocurrency projects.
The algorithm uses two elements to identify threats. One, if the blockchain contract performs differently from how it is represented, and two, if the scripts contain backdoors that allow the owners to drain money from users’ funds
Crypto debit card: How does it work and where to get one?
Crypto debit cards function similarly to traditional cards like MasterCard and Visa, with the exception that they are connected to your cryptocurrency wallet.Here, the payment partner works with the crypto exchange to complete your transaction by instantly converting your crypto fund into a fiat currency of your choice. The transaction amount is then debited from your digital wallet.
Crypto exchanges have partnered with payment providers like Visa, MasterCard, etc
Easy-to-use, crypto debit card converts crypto assets to fiat currency of choice
It has the potential to be widely used.
For its customers to use cryptocurrencies to purchase goods and services, several of the biggest businesses and brands introduced debit and credit cards.
As of 2022, exchanges like Binance, Coinbase, BlockFi, Monolith, etc., offer their version of crypto debit cards. But each of these cards is in a strategic partnership with payment providers like MasterCard, Visa, and Swipe.
CELSIUS Network is expected to run out of cash by October
The court document discloses that the firm, which requested bankruptcy protection in July, is also lacking $2.8 billion in cryptoassets.
The lending platform, in which many people put their life savings and retirement assets, was found to be in a significantly worse financial situation than had been previously believed in July.
The forecast predicts Celsius will continue to report a negative cash flow and, by October, completely run out of money. Over the next three months, shows steep declining liquidity, indicates the company will experience an approximate 80% drop in liquidity funds from August to September.the company is expected to accumulate a negative net cash flow of $137.2 million.