According to a Chainalysis blog, Chainalysis has launched its new, web3-native blockchain analysis tool called Channelialysis Storyline, aimed at visualizing smart contract extensions.
According to the blog, Decentralized Financing (DeFi) and NFTs are the two fastest growing areas of cryptocurrency, with about half of all crypto transactions involving a DeFi entity or an NFT or related smart deal. Blog insights say that by 2021, hackers will primarily target DeFi protocols for stealing cryptocurrencies. The DeFi protocol is responsible for a growing portion of all funds stolen from cryptocurrency platforms since early 2020, and lost much of it in 2021. As of May 1, 2022, DeFi protocols accounted for 97% of the $ 1.68 billion stolen cryptocurrency.
Most of the cryptocurrencies stolen from the DeFi protocol went to North Korean-based hacking groups, especially in 2022. The channelisis storyline will see DeFi bring simplicity to the multi-chain world by allowing users to understand the blockchains of the Web3 era. Cross-chain graphing of the chainalysis reactor will help with complexity, but it takes time to track funds across blockchain-based destinations. DeFi transactions involve smart contracts that increase the complexity of their blockchain network.
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The report states that the channelization storyline stool will provide insights into the movement of funds and addresses across the blockchain and allow investigators to focus on transactions and funds that are important to them. Its interface will allow users to focus on transactions, assets and related wallets. Storyline explains smart deals and automatically labels common transactions such as an NFT purchase or asset exchange.
The Storyline tool will allow users to use the Chainalysis Reactor to view transaction history and exposure profiles of individual wallets and services related to their investigation. The two tools will be used to work together to give users a timeline of cryptocurrency flows in a DeFi environment, until the funds reach an end destination or compliant service.
(With insights from the Chanellysis blog)