Defi Exploit: New Chain Lighter Tracks Stolen Crypto Across Multiple Chains
Chain Analysis is the leading company in blockchain data and analysis tools, which has continued its fine work in developing new tools to better understand the blockchain space. Recently, Chainalysis published a new tool that allows users to track 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. This also 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 of the ecosystem.
Chainalysis says the two sectors contribute to even more than fifty percent of all bitcoin exchanges globally.
An 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 an increasing amount of currency from illegitimate addresses in 2021, while hackers targeted these platforms to exploit and steal cash.
The magnitude of the problem cannot be overstated either, and Chainalysis estimates 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 hacking gangs carried out a large majority of DeFi hacks.
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Tracking illegal transactions using DeFi protocols is difficult for bitcoin exchanges, DeFi protocols and investigators. These systems are sophisticated, with IoT – based on intelligent contracts that create complex transactions that are usually spread over many blockchains.
The capacity to chain jump is a defining feature of DeFi protocols, allowing users to exchange or move coins in a single transaction. A number of moving parts are involved in acquiring an NFT, including smart contracts from multiple markets.
Users will be able to create the transaction routing table using Storyline, starting with just a transaction hash. A chronology of notable token transfers and interactions can then be built.
The program can understand intelligent contracts and categorize typical transaction types such as NFT acquisitions and token exchanges using an automated function. Users can link transactions and addresses across blockchains, making it easier to keep track of individual addresses, tokens, and trades.
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