Benzinga - CoinScan, a crypto analytics platform, on Thursday emerged from stealth with $6.3 million in initial funding to fuel product development and expansion.
What Happened: This year alone, nearly $1 billion has been lost to crypto exploits, hacks, and scams – much of which could have been avoided with better access to data.
Key investors supporting the company include billionaire Shalom MecKenzie, the top individual shareholder of DraftKings Inc (NASDAQ:DKNG), as well as Mor Weizer, the CEO of Playtech, Roy Samuelov, the Head of Business Development and M&A at Playtech, Shy Datika, iAngels, and Tectona, a publicly traded digital asset company.
CoinScan's scam prevention features include:
Safety Checks: This feature assesses a token's susceptibility to rug pulls or scams by analyzing key indicators such as liquidity locks, token taxes, contract renounce status, and honeypot risks.
Holder Analysis: Traders can assess a token's distribution and health in real-time through CoinScan’s charting terminal. Users can track wallet holdings in tokens and USD, keeping an eye on top wallets’ buying and selling activities.
Airdrop Analysis: Traders can protect themselves from ‘soft rug’ scams by using this feature to identify wallets that have received airdrops, assess their value, and cross-reference this information with social feeds to verify legitimacy.
Social Sentiment: Recognizing the importance of social sentiment in crypto, CoinScan 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.
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Why It Matters: "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."
Photo by stockphoto-graf on Shutterstock
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