PARSIQ has recently introduced the crypto monitoring system, TRACKR, to help companies and crypto holders secure their assets. TRACKR is a proactive monitoring system that alerts companies and users when potential hacks, vulnerabilities, and unauthorized transactions occur. In the early blockchain and DeFi space where hacks occur all too often, having advanced monitoring tools are critical for crypto security.
The system monitors millions of crypto addresses, even down to the blockchain mempool level for the most advanced level of proactive on-chain monitoring. TRACKR is also a complete retroactive tracking tool that can identify the routes of how stolen assets move across blockchains.
TRACKR offers two monitoring solutions: Proactive Monitoring and Retroactive Tracking. Proactive Monitoring lets users keep an eye on their wallet activities in real-time and receive timely notifications through their chosen channel when there are unauthorized actions triggered in the monitored wallet. Delivery channels include familiar apps like Telegram or email, as well as Webhooks for customized reporting.
On the other hand, Retroactive Monitoring is for users and companies who have already been affected by a security breach. This type of monitoring allows them to find out where precisely the hacked assets end up, and trace movements at every step of the hack.
Whether you are an individual, a token project or a crypto exchange, TRACKR can help you avoid the worst case scenarios and better secure your assets.
To understand how TRACKR works, let’s imagine a blockchain project named XYZ FinTech, which currently owns 20 different wallets. These are a mix of hot and cold wallets for different purposes.
XYZ FinTech has set up TRACKR to monitor all 20 wallets across Ethereum, Binance Smart Chain (BSC) and Bitcoin networks. The BSC and Ethereum wallets each hold many types of tokens. With Proactive Monitoring, XYZ FinTech can set up standard notifications so that any transactions above US$10,000 worth are immediately reported to their team members’ Telegram, as well as their internal reporting system connected via webhook.
Several weeks go by. The team makes frequent transactions above US$10,000 and receives corresponding notifications conveniently to their Telegram and internal accounting system. The team feels confident and well-informed with their crypto treasury, allowing them to focus on their day-to-day operations.
One day, a breach unfortunately happens, where a malicious hacker steals BTC, BEP20 tokens and Ethereum from 13 out of their 20 wallets. It happens all at once within a matter of minutes, and the hacker starts distributing the stolen assets to different external wallets. This event triggers TRACKR’s Retroactive Monitoring, automatically following the flow of funds, including any buy and sell of the assets.
The XYZ FinTech team immediately transfers all remaining assets to a cold vault wallet, in order to prevent any further breaches. This step is crucial to prevent further losses, which is only possible with real-time notification triggers. The team avoided the worst-case scenario of losing everything thanks to TRACKR.
When the hacker sends the stolen assets to other addresses, TRACKR records every movement of the transactions. While TRACKR traces XYZ FinTech’s assets, it collates all of the asset’s movements and information about the breach through PARSIQ’s Google Sheets integration, providing their team with an easy-to-understand data pool. Data is also fed into the company’s internal accounting system for visual tracking of the flow of funds. This provides them with the exact location of where the assets are and in what form.
Meanwhile, XYZ FinTech reaches out to PARSIQ for immediate support.
From the data generated by TRACKR, XYZ FinTech and PARSIQ teams analyzed that most of their assets ended up in several big exchanges whose wallets have been previously identified by PARSIQ. The teams contact these exchanges immediately, requesting a freeze on the hacked funds deposited into the exchanges. This is another important aspect that TRACKR makes possible – to make timely decisions on who and how to contact exchanges or “chokepoints”.
Retrieving stolen funds becomes tricky if the hacker is able to convert the funds within the exchange, and make their escape. In this scenario, TRACKR helped XYZ FinTech to freeze all stolen assets at the deposit stage of exchanges, which makes funds retrieval possible.
XYZ FinTech works closely with the PARSIQ team to coordinate on public communication and inform token holders of what is happening. Once the assets are frozen, law enforcement takes over, and XYZ Finance recovers the stolen funds back to their treasury wallets.
With TRACKR, blockchain projects can now protect their wallets and track any asset stolen from their addresses. Simply setup the monitoring system one-time for the project’s wallets, and choose how to get notified for any unauthorized events. When a breach happens, TRACKR will follow and trace the funds with flexible reporting methods, providing the project with a detailed report of the assets’ movements. Through this data, the project can choose a course of action to mitigate the hack. Projects won’t need to scramble and look for ways to reverse the hack since they are ready whenever the breach occurs.
In summary, TRACKR provides key advantages:
- Provide projects with continuous “watchdog” monitoring on crypto wallets for various blockchains including Bitcoin, Ethereum, Binance Smart Chain, Solana and more.
- Allow users to be well prepared in case of hacks or unauthorized transactions.
- Respond to incidents during extremely time-sensitive scenarios with the most advanced real-time detection of crypto activity
- Receive industry support and networking from PARSIQ’s expert team
- Mitigate hacks and breaches through real-time response management and analysis
With the right tools, projects can protect their assets, analyze their funds’ movements in real-time and get world-class support from the PARSIQ team during the most critical times. No matter what happens in the crypto world, being well-prepared is no doubt a smart approach.
Disclaimer: This is a paid post and should not be treated as news/advice.