Identifying Vulnerabilities in Cryptocurrency Projects
With hackers on the rampage looking for vulnerable crypto projects to exploit, investors are continuously being advised to tread carefully, especially when investing in new cryptocurrency projects.
Several reports have emerged about millions of dollars in cryptocurrencies stolen by hackers as a result of a major bug found in the project. Similarly, the project’s founders themselves steal investors’ funds from its pool by exploiting its code and later abandon the project through a means popularly referred to as rug pulls.
According to data provided by the blockchain analysis company, Elliptic, investors lost more than $12 billion worth of crypto assets to hackers in DeFi exploits in 2021 alone.
And Here Comes Tokenguard
Tokenguard is an automated cryptocurrency rating agency that verifies the security of tokens on Ethereum, Binance Smart Chain, and other blockchains in a bid to keep investors safe. With Tokenguard, you can determine whether it is safe to join an Initial Coin Offering (ICO) or buy into an established cryptocurrency.
The platform uses different sophisticated tools to analyze the token’s codes in order to discover bugs that may leave your investment exposed to hackers.
Cryptocurrency investors can search the token’s name on the platform or input the token’s address in the box provided in order for the platform to generate an audit in less than three hours. Upon completion of the report, Tokenguard rates the token on a scale of 10, and you get to decide whether it is safe to invest.
As long as the token’s ranking is high, then it is safe for you to invest in the project, and vice versa.
- Generates secured audit reports for new cryptocurrencies in less than three hours.
- Audited reports are automatically updated on a 24/7 basis to identify whether there is a new security threat associated with the token.
- The reports generated are easy to understand by anyone irrespective of whether the crypto investor is tech-savvy.
- The company offers free monthly scans for each crypto project.
The Subscription Model
Aside from the already published reports on the platform, you will be required to subscribe monthly if you want to check the safety of a new crypto project. Tokenguard has two packages that crypto investors can subscribe to.
The Basic plan costs $599 per month and is designed for small crypto investors who would like to check the authenticity of a project before investing. It is aimed at the smaller cryptocurrency projects, with subscribers allowed to request an audit of only ten crypto projects a month.
Other features included in this package are the ability for the system to identify the exact error in the token’s code, constant security monitoring for new vulnerabilities in the token, etc. However, subscribers are not allowed to receive free monthly security scans.
Cryptocurrency investors who want the pro plan will be required to pay a monthly fee of $1,299. It provides access to a solution for token security verification on the platform. The package is designed mainly for popular tokens. It grants access to unlimited amounts of available smart contract audits, eight hours access to a Tokenguard’s investors, etc.
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