Breaches and frauds in the crypto industry are pushing towards their highest number of cases this year, increasing alongside the growth of the market itself to more than US$2 trillion valuation.
There are already 32 incidents of hacks and frauds amounting to US$2.99 billion, all of which have taken place in this year alone. The majority, amounting to 76% of the hacks and breaches are DeFi-related, which is 2.7 times more compared to 2020. This number is in the course of breaking the 38 cases tallied last year, with that number representing a 40.7% increase from 2019. The average value of this year’s breach and fraud cases comes at a total of US$93.3 million. Projections don’t seem to be slowing down either when the amount of offenses are increasing 41% on average each year.
Just recently, DeFi protocol Cream Finance suffered another hack this year, losing at least US$130 million in what could have been one of the largest breaches in DeFi. The need for better security measures needs to be put in place for the safety of digital assets. This comes in the form of proactive real-time monitoring of crypto wallets, as well as retroactive tracking solutions to effectively trace the whereabouts of stolen assets.
Introducing PARSIQ’s TRACKR, a proactive monitoring system that alerts companies and users of potential hacks, vulnerabilities, and unauthorized transactions across millions of crypto addresses, even down to the blockchain mem pool level. TRACKR is capable of the most advanced level of blockchain detection you can monitor for sophisticated real-time detection of suspicious crypto activity. TRACKR is also an all-in-one retroactive tracking tool to quickly identify the exact routes of how stolen assets move across blockchains.
The TRACKR service provides users with two options: Proactive Monitoring and Retroactive tracking. Proactive Monitoring allows users to monitor wallet activities in real-time and notifies them through their chosen channel, such as Telegram or Webhook, when there is unauthorized activity triggered in the monitored wallet. TRACKR can be customized to set specific trigger notifications depending on the asset type, amount transacted, destination wallets and more. This is a preventive measure, allowing you to secure your wallet even before a hack occurs. Prevention is the best form of protection, especially for the case of irreversible crypto transactions.
Retroactive Monitoring on the other hand is for users who have already been affected by hacks. It helps companies, individuals and any crypto owner to swiftly find out where hacked assets end up. This allows them to monitor and record the subsequent splits and movements of funds across wallets to the point they reach a cryptocurrency exchange, which is a common “chokepoint” for embezzled funds.
Just last year, PARSIQ’s snapshot technology–the same technology behind TRACKR– was used to recover stolen coins from one of the biggest hacks of 2020, the KuCoin hack. The exchange initially lost US$150 million in funds. As a result, BTC, 153 ERC-20s, and numerous other tokens in KuCoin’s hot wallets were transferred out of the exchange. PARSIQ took a snapshot of all the addresses holding any balances with the exact amounts right before the hack, assisting affected token projects in restoring the stolen balances to the token holders.
Using the same technology, TRACKR automatically tracks transactions across multiple ecosystems, including Bitcoin, Ethereum, Binance Smart Chain (BSC), Dash, Algorand, Huobi Eco Chain, Celo, Solana, and Polkadot in real-time.
With the wide support of popular blockchain networks, it is now easier and more powerful to trace various digital assets under one platform. When hacks happen, many types of tokens or coins on different chains can be stolen. Unfortunately, most projects and individuals do not have the capability to track every kind of asset simultaneously. TRACKR solves this major challenge by saving huge amounts of time for projects and wallet owners during extremely time-sensitive scenarios involved in mitigating hacks.
The TRACKR service is a simple two-step process: users can submit their email on the TRACKR website page, and a team member will be in touch to discuss the requirements and solution.
Take action now before it’s too late.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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