Sky Eye on the OKLink chain started to collect and track blockchain data. While assisting supervision, it was also constructing a business model of “transaction graph + address analysis + chain monitoring”.
Author: face-to-face
In the vigorous development of the crypto asset market, there are always two shadows hanging over the hearts of ordinary investors-hackers and fraud. From the early “Mentougou” and PlusToken crash to the recent Kucoin theft, a series of incidents caused investors to suffer serious losses. How to deal with these threats, in addition to regulatory forces and industry checks and balances, data tracking and analysis have become increasingly important. OKLink, on the chain, has recently begun to collect and track blockchain data. While assisting supervision, it is also creating a business model of “transaction graph + address analysis + chain monitoring”. So, how does the sky-eye on the OKLink chain cultivate the “eye-eyed golden eye” and gain insight into the abnormal movements on the chain? This article will analyze this.
Theft of $150 million in Kucoin crypto assets: on-chain tracking becomes the key to solving the case
On September 26, 2020, the established exchange KuCoin issued a security information announcement, stating: “At 2:51 am on September 26, the KuCoin hot wallet was stolen. The Bitcoin and ERC-20 in the hot wallet After the tokens are transferred out, as for the specific value, the liquidation has not yet been announced.”
According to Decrypt media reports, Kucoin’s loss this time is around 150 million USD, including 20 million USDT, 11 million USD AMPL, 8 million USD OCEAN, and 7.2 million USD VIDT.
After the stolen currency incident, the Kucoin Exchange urgently transferred the hot wallet tokens to the cold wallet and actively contacted many mainstream trading platforms such as OKEx, Binance, and Huobi, hoping to freeze the stolen funds. According to Skyeye tracking on the OKLink chain, KuCoin transferred the remaining 1,008 BTC to two new Bitcoin addresses at 12:44 on the 27th. The two addresses received 807 BTC and 201 BTC respectively.
At first, hackers planned to cash out through exchanges and send a large amount of USDT to Matcha, Binance and Bitfinex, but after address tracking was found, 33 million USDT stolen were also frozen. Later, hackers changed their strategies to launder the stolen assets through DeFi platforms such as Uniswap and Kyber. However, after the hackers successfully realized some of the Ocean tokens, many platforms specifically upgraded their contracts for the Kucoin incident to lock in the stolen currencies in this incident, making it more difficult for the hackers to realize their cash.
Cryptocurrency thefts occur from time to time in the crypto asset industry, and the decentralization and anonymity of the blockchain also makes it difficult to find stolen crypto assets. But it is precisely because of the openness and transparency of blockchain transaction records that the transaction records are traceable.
Take the Kucoin theft event as an example. While tracking data on the chain, combined with address transaction marking and statistical principles, it is possible to track the transfer information of stolen assets. Based on the data and information on the chain, the cooperation between various platforms is also highly likely to be able to recover the stolen assets, which will play a positive role in the healthy development of the entire industry.
But before that, we desperately need a monitoring tool to help us gain insight into the changes in data information on the chain.
Blockchain + big data: It is helpful for users to fully grasp the blockchain transaction
The main core product of the blockchain monitoring platform is to track data on the chain, and obtain objective results after collecting statistics, cleaning, comparing, and analyzing, so as to achieve the purpose of visual analysis, in-depth data mining analysis and high-quality data display. Combined with the special identification mark of the wallet address, the ins and outs of the address transaction information are analyzed.
There are two main directions for blockchain big data: the first is the data on the blockchain, which is mainly for encrypted asset transactions on the chain, deposit data, and future expandable information, etc.; the second is It is “distributed” computing, because the blockchain itself is a distributed ledger. “Distributed” computing cuts a large number of calculated engineering data into multiple small pieces, which are calculated by multiple computers and then aggregated into an interactive calculation method of results, thus breaking the bottleneck of traditional statistics. The former is mainly about the recorded data on the blockchain carrier, the latter is based on the way of processing data based on the blockchain thinking, the former provides production materials for the latter, and the latter provides analysis methods for the former.
So, what benefits can blockchain data monitoring achieve?
Visual display of blockchain data. There are so many data in the blockchain, and it is difficult to fully interpret the transaction records between the data. The visual chain structure, data summary and chart form can greatly improve the user experience and intuitively express the value of the data.
Blockchain data interaction. The main benefit of blockchain data interaction is that it brings timely risk changes. Unlike static charts, interactive data visualization encourages users to explore and manipulate data to discover other factors.
Understand data easily and efficiently. In the face of massive amounts of blockchain data, users’ processing efficiency is low. Through the blockchain data monitoring platform to process large amounts of data and make it easy to understand, this helps investors build deep insights and encourage them to trade. Make the right decision and act immediately to avoid missing the market.
In this regard, OKLink on the chain has also completed several practical functions based on data monitoring, which can be used by users, B-end enterprises and regulatory authorities for free.
OKLink Sky Eye Analysis = Transaction Graph + Address Analysis + Chain Monitoring
Take Tianyan’s “transaction graph” on the OKLink chain as an example. The transaction graph can show the whereabouts of Plustoken’s overall assets. The wallet has 1,500 bitcoins, which are multi-layer decentralized transfers, mixed currency service systems, and threshold monetization institutions after multiple transactions. And the dark web, etc., finally weaved into a dense and complex web. However, through the lock tracking of Skyeye on the OKLink chain, it is possible to analyze to a certain extent: which wallet addresses can be tracked (unspent), which are confused, and which are on exchanges, which limits to a certain extent The monetization channels of addresses further curb this way of using the anonymous features of blockchain to launder money.
On the OKLink chain, Skyeye’s “Address Analysis” Plustoken address, the analysis data shows that there are 496 transactions, the cumulative amount of money received and the amount of money sent, etc., through refined tracking analysis, all the whereabouts of Plustoken illegal assets can be grasped.
Among them, the Sky Eyes on the OKLink chain are mainly “transaction graph” and “address analysis”. The former can monitor the dynamics of certain addresses, while the latter can be used to monitor the size of funds involved in transactions. Once a breakthrough is found, it can help. Regulatory authorities crack down on illegal incidents. “On-chain monitoring” is to integrate the above functions to monitor certain on-chain data for users or regulatory authorities to realize the output service of To B/C/G.
OKLink on-chain data analysis and DeFi opportunity mining
The collection and use of on-chain data is still in its infancy, and large-scale on-chain data usage scenarios have not yet been formed. The Sky Eye on the OKLink chain is a powerful advance in this regard. The product provides three data utilization schemes: transaction graph, address analysis, and on-chain monitoring. In addition to mainstream encrypted assets and DeFi block chain data, it can almost meet the needs of most users in the market.
In addition to the above tracking and analysis functions, OKLink on the chain can also track the transaction records of mainstream crypto assets such as BTC, ETH, LTC, BCH, BSV, DASH, USDT and ETC, and perform data analysis to cater to user data with different investment risks demand.
Not only that, the Skyeye on the OKLink chain also has DeFi tracking information such as lock position ranking, market value ranking, mortgage lending, transaction volume, stable currency market value, and anchored bitcoin assets. Visual DeFi data can also be used as an investor’s investment measurement to formulate a reasonable investment strategy. E.g:
- Track the richest list of crypto assets. Investors can observe the changes of the BTC giant whale address through the OKLink chain. If the address transfers a large amount of assets to the exchange, it can analyze its strategic trends based on other market factors.
- Mortgage lending ranking. By observing the DeFi lock-up situation, you can directly understand the DeFi loan or other project rankings, understand the project’s income and popularity, and choose the most suitable project for investment.
- Stable currency competition. Users can compare and understand the intrinsic value of stablecoins and market conditions (whether there is additional issuance, market enthusiasm, etc.) through this platform, and choose appropriate methods to avoid risks.
Skyeye on the OKLink chain focuses more on monitoring and users in tracking data, so it focuses on fully matching the needs of the market. So, what is the specific difference between OKLink and other on-chain data tracking platforms?
The advantages of OKLink on the chain and the market gap
Advantages of Skyeye on OKLink
Compared with other data tracking products, the more prominent advantages of OKLink on the chain are comprehensive: first, complete data, covering more encrypted asset tracking; second, it can serve more customer groups, not just for a single market.
The comparative advantages of SkyEye on the OKLink chain are as follows:
Low threshold: Data is first discovered and then realized. Therefore, at the current stage, Tianyan on the OKLink chain chooses to lower the threshold, expand users’ free use of blockchain data, and explore valuable data. After the true value of data is revealed, subdividing services is more conducive to the healthy development of blockchain data.
The “smile curve” points out that the longer the data, the more accumulated data, the higher its value
Customized data tracking analysis. OKLink’s “Transaction Graph” and “Address Analysis” on the OKLink chain mainly track major events in detail. If users have specific needs, they can apply for tracking attention on the “Chain Monitoring” section to meet investment, business, and regulatory requirements. Many kinds of needs.
Mass data support. Sky Eye on the OKLink chain is not limited to tracking data, but also the “browser” and “DeFi” sections, which simultaneously collect mainstream crypto assets such as BTC, ETH, LTC, BCH, BSV, DASH, USDT and ETC, as well as popular sector currencies. Data to meet user data needs of different investment risks.
Blockchain data monitoring is still in its infancy
Analyze, analyze and evaluate the quality of blockchain data. At present, many data identified as “valid blockchain data” are identified from the bottom up, and many data have little effect on the market; a bottom-up approach should be adopted, and the market’s inspection of the data should be adopted to judge that it is in line with the market. Real and effective data is needed, and the market checks the role of data.
Define blockchain data quality indicators. At present, many of them are mainly based on data visualization, and there is no investment indicator reminder to assist users in analyzing blockchain data. Users need a certain interpretation process from data reading to investment decision-making.
Reference to historical data. There are two main problems: 1. The development of blockchain monitoring is slow and the historical data is not enough; 2. Many browsers only have historical data for K-line, and many historical transaction data cannot be compared.
Supervisors’ eyes, the trend radar of DeFi investors
In the immature stage of blockchain supervision, OKLink on the chain provides a convenient monitoring tool for supervision. On the other hand, from the open, transparent, and immutable block data on the OKLink chain, Tianyan also provides the majority of encrypted asset investors with valuable information such as address portraits and quantitative transactions, and is also pushing the blockchain step by step. The general direction of data monitoring is developing. While assisting in supervision, it is also promoting the digital transformation of blockchain, allowing the blockchain industry to gradually move towards the process of empowering the physical industry-becoming a carrier of artificial intelligence, the Internet of things and big data, responding to the new infrastructure to use blockchain as The call for innovative infrastructure and integrated infrastructure promotes industrial transformation and upgrading.
