The largest known cryptocurrency hack is considered the recent Coincheck funds’ theft. On January 26, during the general market depression, the Japanese Exchange told the whole world that hackers managed to steal more than $530 million in the NEM cryptocurrency.
Why was it possible to steal so much money? The main problem was that the exchange kept NEM coins in a “hot wallet” that was connected to the Internet instead of storing them in a “cold” offline wallet which would not allow the attacker to access the wallet externally.
This is not the only (and, unfortunately, not the last) high-profile case when blockchain forensics and monitoring tools are an essential part of the whole ecosystem to ensure theft prevention and further tracking of the stolen assets.
Blockchain forensics and monitoring: complex and simple
For most, the experience of looking at a block explorer brings about a feeling of confusion. What does it all mean? How can any of this information be useful? How do we connect the dots? Apart from using block explorers to check transactions, the day-to-day usefulness of exploring blockchains hits a wall.
However, with the right tools, a vast trove of actionable information can be unlocked from blockchains. Parsiq is a blockchain forensics and monitoring platform that provides these services. With our suite of solutions, users can leverage enormous amounts of data available on the blockchain to their advantage, enabling them to stay a step ahead of those still in the dark.
How does Parsiq work?
Parsiq monitors blockchains to keep your cryptocurrency wallet and stored assets safe from cybercriminals. It also profiles cryptocurrency transactions which helps you to understand connections between different wallets and users. Blockchain security is not our only focus. Being developed as a platform PARSIQ allows businesses and users to create their own analytics, event monitoring and compliance solutions on top of it.
PARSIQ as a global solution
PARSIQ’s main focus is to implement our forensics and monitoring tools not only as a B2B solution, but offer it B2C so that everyone can study different cases, make their own decisions and take necessary actions.
The following stakeholders may benefit from using PARSIQ:
• Consumers can benefit from PARSIQ by monitoring their cryptocurrency wallets and keeping track of their on-chain assets to provide an additional layer of security.
• Businesses can use PARSIQ in a similar way to consumers. They may also benefit from additional monitoring of enterprise assets such as ones stored on “hot” wallets, or from tracking their interactions with certain business-related smart contracts. The transaction history of a business’ clients may also be used for customer profiling.
• Traders can predict market movements based on factual blockchain data. They can also use real-time event monitoring tools to detect movements that may indicate specific market activity.
• Law enforcement agencies can use forensic analytics and other modules to investigate blockchain-related cybersecurity incidents or track payments made concerning illicit activity.
• Blockchain researchers from a variety of fields can use PARSIQ to gain insights into blockchain usage relevant for their particular purposes. For example, a computer scientist interested in blockchain scaling may draw conclusions from typical transaction processing patterns to design better blockchain protocols. A social scientist may be more interested in the nature of human interactions across the blockchain.
Parsiq will soon launch its blockchain analytics and monitoring platform with great support and acknowledgment from the community, and thanks to everyone for your continued feedback.
For more information: www.parsiq.io