Talk to your child if they have heard about this challenge and let them know the dangers of it
Remind your kids that not everything seen online should be followed.
Let them know that you are available for a chat if they ever feel pressured by friends to do such challenges
If your child have never mentioned this challenge then you have the option to not bringing it up with them. It is better that they are unaware of such challenges. But this decision can only be made by you, as every child would respond to such situations differently.
Let other parents and school teachers know about this challenge so they are aware of what is happening in the online world.