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CoinScan raises $6.3M in bid to prevent scams, hacks and exploits

The investment round is backed by DraftKings’ biggest shareholder, billionaire Shalom MecKenzie. It offers a range of comprehensive safety features for traders.

CoinScan, a new crypto analytics platform which provides free charting and safety features, has raised $6.3 million in funding, the company announced today. 

The platform is backed by DraftKings’ biggest individual shareholder, Shalom MecKenzie, alongside Playtech’s CEO Mor Weizer, alongside others. It has been under development for two years and recently completed its beta testing.

“Crypto, much like sports betting, should give people the tools and data to make their own assessments about risk and reward,” MecKenzie said.

Read more: Report: $7.8B lost to crypto scams in 2022

Almost $1 billion in funds have been exploited in the crypto space in 2023 alone (Certik). 

CoinScan uses real-time data to prevent scams, hacks and exploits through a range of features, the company explained. One such feature is ‘holder analysis’, which lets traders assess a token’s distribution and health in real-time through a charting terminal.

“Users can track wallet holdings in tokens and USD, keeping an eye on top wallets’ buying and selling activities,” the company said.

The platform also aims to protect traders from “soft rugs” via its airdrop analysis feature, which identifies wallets that have received airdrops, assesses their value, and cross-references with social feeds to verify legitimacy. 

It also integrates live project feeds from Twitter, Telegram, Reddit and Instagram to allow users to extract information about a token from its community “in real time”. 

Read more: ‘The Rekt Test’: the 7 questions all Web3 projects should be able to answer

“No one wants to spend all of their time researching and analyzing blockchain transactions and social media just to avoid getting scammed. The bar for crypto data was very low, so we built the platform that we wished we had,” said Eliran Ouzan, CEO of CoinScan.

“We’re not just giving traders an edge, we’re introducing tools that allow new investors to enter the market with free, accessible, unbiased information that will allow them to succeed,” he added. 

The industry is desperate for improved safety 

Earlier today, a single crypto investor fell victim to a phishing scam that resulted in losses in excess of $4,000,000 in USDT. 

A few weeks prior, on September 7, a crypto whale lost a massive $24 million in staked Ether derivatives in what may be the largest amount stolen from a single victim. 

Read more:  Mark Cuban loses nearly $1M in phishing scam

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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