Leading Indian cybersecurity expert Shashank launches CredShields, a Web3 security platform, introducing innovative solutions to combat rising security threats in the blockchain space.
In a significant development for the Web3 security landscape, leading Indian cybersecurity expert Shashank has co-founded CredShields, a startup dedicated to enhancing security in the rapidly evolving blockchain space. With a robust background in cybersecurity and a passion for Web3, Shashank aims to address the pressing security challenges faced by the industry.
Shashank, the CEO of CredShields, holds a computer science degree from VIT and has nearly a decade of experience in cybersecurity. His career began as a bug bounty hunter for tech giants like Google and Facebook. He has since led security teams at HackerOne, Deriv, and Cobalt.io, with his role at Avalanche igniting his passion for Web3.
Indranil, the CBO, shares a similar background, starting as a bug bounty hunter and later working on cybersecurity projects in the US and India. His tenure at Deloitte's cybersecurity division has earned him recognition in the Security Hall of Fame by over 17 organizations, including Tesla and Cisco.
Web3 is heralded as the next technological revolution, leveraging blockchain technology to create a more equitable digital economy. However, this growth comes with increased security risks. In the first half of 2024 alone, Web3 security hacks resulted in losses of approximately $400 million, following a staggering $1.7 billion in 2023.
Experts have raised concerns about the existing gaps in Web3 security solutions, which often rely on manual audits that are expensive, time-consuming, and prone to human error. Automated solutions currently available in the market also face challenges, including long scan times and high rates of false positives.
CredShields aims to fill these gaps with its flagship product, SolidityScan. This cloud-based tool is designed to identify vulnerabilities in smart contracts and assist in compliance audits. Key features include:
With over 45 integrations and partnerships with major platforms like Ethereum and Avalanche, SolidityScan is positioned as a leader in the Web3 security space.
Since its launch, SolidityScan has seen impressive adoption metrics, with over 800,000 scans conducted and a 500% increase in average monthly scans over the past six months. This growth underscores the tool's strong product-market fit and the increasing demand for effective Web3 security solutions.
CredShields is committed to continuous innovation, recently introducing AI Remediation for SolidityScan, which enhances vulnerability detection and provides tailored solutions. Upcoming products include WalletTracker, an advanced monitoring tool for crypto wallets, and Threat Monitoring, designed to detect rug pull scams in smart contracts.
As the Web3 landscape continues to evolve, CredShields is poised to lead the charge in securing this new frontier of digital interaction.
