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ICO Watchdog adds inspection, scam protection services

Tony Zerucha

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  • TokenGrade inspects submitted code and whitepapers
  • ScamWatch rewards scam reporters
  • ICO Watchdog has sent 9.8 million alerts to users since October 2017 launch

Cryptocurrency analysis company ICO Watchdog has added a pair of tools to its suite of news, analysis and verification tools.

TokenGrade is an audit service allowing token creators to submit their whitepaper plans and smart contract source code for inspection by ICO Watchdog’s team of crypto experts. ScamWatch is a chatbot feature rewarding ICO Watchdog’s 50,000-plus community members for reporting fraudulent ICOs.

The new additions join the company’s existing products, a chatbot notifying users of key cryptocurrency news and a premium analysis service providing traders with in-depth insight into the latest tokens and trends. To date, ICO Watchdog has sent 9.8 million alerts since its October 2017 launch, and the company now sends 200,000 daily alerts.

“TokenGrade and ScamWatch are two major steps forward as we continue to legitimize the crypto space, which many people still find complex and opaque,” said ICO Watchdog founder and CEO Shaun Newsum.

Launched in October 2017 by Science Inc., ICO Watchdog is a financial information service and community for cryptocurrency and ICO investors. Its chatbot, available for Slack, Facebook Messenger, Discord and Telegram, delivers personalized alerts to its 20,000 monthly users when new ICOs begin trading and when there’s a spike in price or volume for the tokens of their choice. ICO Watchdog’s premium service, CryptoTrends, adds advanced price forecasts and trends analysis to the chat interface.

By submitting their coins for inspection with Token Grade, token creators will be alerted to any security and transparency issues in their plans — before presenting to investors or launching their ICO.

ScamWatch is a crowdsourced investigative body that helps traders and investors root out bad actors in the crypto ecosystem. Crypto investors are at growing risk of falling victim to “exit scams,” in which a fraudster launches an ICO with the intention of stealing investors’ money instead of building a company. By reporting fraudulent activity to ScamWatch, community members will be rewarded with a bounty of DOG coins, a new token created by ICO Watchdog. Users are reporting an average of 50 scams per week through the chatbot, ICO Watchdog said in a release.

“Blockchains, along with these new tokenized economies, have incredible potential to change the way we work, play and communicate with one another — but first, people need to be able to trust the tokens they’re investing in,” Mr. Newsum said.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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