I have a rosewill challenger too and have just noticed the red light. Sometimes it blinks regularly, sometimes it's steadily o

That could well possibly be the HDD indicator light, and it blinks when your HDD/SSD is performing various tasks. I have a THOR V2 White and its a 3inch or so long strip on the side and its always on, but say I'm moving a larger file from one HDD to another it will blink faster. Test that out see if thats what it is.