CoinScan, DraftKings' Crypto Analytics Venture with Billionaire Backing, Secures $6.3M Funding
CoinScan, a platform committed to enhancing security measures within the cryptocurrency sphere, has achieved a significant milestone in its fundraising efforts, securing a total of $6.3 million in investments. This initiative has garnered substantial support from influential figures within the industry. Notably, Shalom Meckenzie, the primary individual shareholder in the well-known sports betting enterprise DraftKings, stands as a prominent advocate. Further backing has been provided by Mor Weizer, the CEO of Playtech, a leading company in the field of gambling software development, along with Tectona (TECT), a digital asset trading entity listed on the Tel Aviv Stock Exchange.
After undergoing an extensive two-year development phase, CoinScan is now emerging from stealth mode with a clear mission to develop tools that facilitate the evaluation of a token's vulnerability to various threats, including rug pulls. These tools will also analyze aspects such as token distribution, wallet holdings, and closely monitor real-time buying and selling activities.
This strategic endeavor addresses a critical issue within the cryptocurrency landscape. As of early September, losses attributed to hacks, exploits, and scams had already surpassed $1 billion for the year, according to reports from Certik, a reputable blockchain security firm. This underscores the pivotal role that CoinScan aspires to play in fortifying the cryptocurrency community against these escalating threats.
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