By Sandeep Bishnoi, September 21,2023
CoinScan, an analytics platform with a mission to empower cryptocurrency users with valuable data to mitigate losses resulting from exploits, hacks, and scams, has successfully secured $6.3 million in funding.
The company boasts a formidable roster of backers, including Shalom Meckenzie, the largest individual shareholder in the sports-betting giant DraftKings (DKNG), Mor Weizer, the CEO of Playtech (PTEC), a renowned gambling software development firm, and Tectona (TECT), a digital asset trading firm listed on the Tel Aviv Stock Exchange.
After being in stealth mode for the past two years, CoinScan is now stepping into the spotlight to unveil its cutting-edge products designed to assess various aspects of tokens. These assessments include evaluating a token’s vulnerability to rug pulls, scrutinizing its distribution, monitoring wallet holdings, and tracking buying and selling activities in real time.
The staggering reality is that losses stemming from hacks, exploits, and scams within the cryptocurrency sector surpassed the alarming milestone of $1 billion by early September this year, as reported by blockchain security firm Certik. This eye-opening statistic underscores the gravity of the issue that CoinScan aims to tackle head-on.