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DraftKings' Billionaire-Backed Crypto Analytics Firm CoinScan Raises $6.3M

source-logo  coindesk.com 21 September 2023 08:05, UTC

CoinScan, an analytics platform aiming to provide crypto users with data that could help reduce losses from exploits, hacks and scams, said it has raised $6.3 million in funding.

The company is backed by Shalom Meckenzie, the largest individual shareholder in sports-betting company DraftKings (DKNG), Mor Weizer, the CEO of gambling software development firm Playtech (PTEC) and Tectona (TECT), a Tel Aviv Stock Exchange-listed digital asset trading firm.

CoinScan, which has been under development for two years, is emerging from stealth to develop products that help assess a token's susceptibility to rug pulls or its distribution, wallet holdings and buying and selling activities in real time.

Losses from hacks, exploits and scams across the crypto sector this year topped $1 billion by early September, according to blockchain security firm Certik, shining a light on the scale of the problem CoinScan is seeking to help address.

Read More: Coinbase Earned $1M Amid Hack, but Hasn't Reimbursed Victims