QuillCheck

What is QuillCheck?

QuillCheck is a fraud protection tool built for the community that empowers everyday Web3 users to detect scams and high-risk tokens. QuillCheck conducts thorough due diligence by analyzing smart contract code to find centralization risks through dubious ownership permissions and assesses token dump risks through detailed evaluations of token holder distribution and liquidity analysis.

Why Are We Doing It?

Web3 has seen a 25x surge in funds lost to rug pulls from 2020 to 2023 (Chainalysis 2024 Crime Report). One in every four tokens created is a honeypot, with operators absconding with user funds—often new users. This erodes trust in the Web3 ecosystem and poses a significant challenge to onboarding new users. For nascent blockchains, establishing trust and security is not just a necessity but a fundamental requirement to foster growth and adoption.