DeFi-ing exploits: New Chainalysis tool tracks stolen crypto across multiple chains

Chain analysis is the premier company in blockchain data and analysis tools, which has continued its fine work developing new tools to understand the blockchain space better. Recently, Chainalysis has published a novel tool that allows users to trace transactions and cryptocurrencies across many DeFi protocols and blockchains.

On Wednesday, Chainalysis released a beta version of its Storyline program. Chainalysis Storyline is a new web3-native blockchain analysis tool for visualizing intelligent contract transactions, such as DeFi and NFTs. Also, this corresponds to the increase in popularity and use of NFTs and Defi in the bitcoin sector over the past year.

Chainalysis offers blockchain analysis, as well as annual reports on bitcoin crime trends and other data. Thanks to the ever-changing environment, Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) have grown into essential components in the ecosystem.

Chainalysis says that the two sectors contribute to even more than fifty percent of all bitcoin exchanges globally.

One unpleasant side effect of this progress is the rise in cryptocurrency-related crimes that take advantage of the industry’s evolving standards. DeFi protocols processed a rising quantity of currency from illegitimate addresses in 2021, while hackers targeted these platforms to exploit and steal cash.

Also, the scale of the problem cannot be overstated, with Chainalysis projecting that DeFi methods are responsible for ninety-seven percent of the $1.68 billion in cryptocurrencies lost in 2022. Last year, according to the business, North Korean hacker gangs carried out a large majority of DeFi hacks.

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Tracking unlawful transactions using DeFi protocols is difficult for bitcoin exchanges, DeFi protocols, and investigators. These systems are sophisticated, with iot – based on intelligent contracts creating complex transactions that are typically dispersed over many blockchains.

The capacity to chain-hop is a crucial feature of DeFi protocols, allowing users to swap or move coins in a single transaction. A variety of moving pieces is involved in acquiring an NFT, including intelligent contracts from several markets.

Users will be able to create their transaction route table using Storyline, starting with only a transaction hash. A chronology of notable token transfers and interactions may then be built.

The program can understand intelligent contracts and categorize typical transaction types like NFT acquisitions and token exchanges using an automated function. Users may link transactions and addresses across blockchains, making it easier to keep track of individual addresses, tokens, and commerce.

 

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