Chainalysis, the blockchain data analysis company, has unveiled a new analysis tool. The latter is used to track transactions across decentralized finance (DeFi) protocols and many blockchains. Storyline is on a mission to help investigators in the fight against cryptocurrency crimes by giving them a simplified, timeline view of where the money is going.
Storyline Tracks Stolen Cryptocurrencies Across Multiple Channels
On May 18, Chainalysis launched a new Web3 native analysis tool. The latter allows a visualization of the transactions of smart contracts, which power decentralized finance (DeFi) as well as non-fungible tokens (NFT). Chainalysis estimates the amount of cryptocurrencies stolen this year at more than $1.5 billion. The company also reported a significant percentage of DeFi hacks by North Korean groups in the previous year. In 2021, DeFi protocols handled a large number of crypto crimes. Hackers also use these platforms for theft of funds.
Tracking illicit transactions through DeFi protocols was a challenge for cryptocurrency exchanges and investigators.
Automated software helps interpret smart contracts and classify transactions. For example, token exchanges and NFT acquisitions. Users have the ability to add appropriate addresses and related transactions in the blockchains. Therefore, addresses, tokens as well as specific transactions can be monitored.
A blockchain analysis tool created for Web3
Storyline allows users to chart their own transaction path and create their own story, through a transaction hash. Through an easy-to-use interface, a timeline of important transactions, clearly illustrating the interactions between tokens is built.
“You have a whole investigation that tells the story of what happened” said Jacob Illum, chief analyst at Chainalysis.
Users of Storyline must use Chainalysis Reactor to have an integral and intuitive chronology of cryptocurrency flows. This in a decentralized finance (DeFi) environment, until the funds arrive at a compliant service.
Storyline and Chainalysis Reactor display comprehensive transaction history, portfolio exposure profiles, and notable individual services for investigation.
The constantly evolving world of DeFi and NFTs has made it a target for hackers in the world of cryptocurrencies. Storyline by Chainalysis solves this problem by providing a global view of the movement of funds from transactions made by an address. Investigators can focus on the most relevant funds and transactions. Storyline is now available in beta.
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Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was obvious. The blockchain is surely the universal tool of tomorrow.