Taking a Forensic Look at the Blockchain Analytics and Forensics Firm Stopping Digital Assets Fraud

cryptonews.com:

In the burgeoning world of blockchain and non-fungible token (NFT) technology, billions are lost every year to a plethora of deceitful scams which result in people either unknowingly handing over their funds to hackers, or paying for fraudulent services and assets.

This scenario has given rise to a new breed of blockchain analytics firms that help track valuable blockchain assets such as NFT and other digital assets through the use of advanced machine learning algorithms and artificial intelligence (AI).

bitsCrunch is one such blockchain analytics and forensics company that uses advanced computations and AI/ML algorithms to detect fraud and data anomalies, while also applying its insights to create analytics products for the B2B sector.

Created in response to the bitsCrunch CEO, Vijay Pravin’s own negative experiences buying NFTs as a casual investor in the boom of 2021, bitsCrunch aims to clean up the Web3 sector by leveraging comprehensive data insights and forensic tools to eliminate fraud, wash-trading and other malicious practices in the digital asset market.

Data shows that in 2023 over $700 million was siphoned out of the NFT market by hackers targeting NFT platforms such as OpenSea, or well-known NFT projects such as Bored Ape Yacht Club.

These attacks came in a variety of forms, from phishing websites that spoofed legitimate services, to wallet hacks, to instances where attackers got access to a user’s NFT wallet through third-party sites such as Instagram and Discord.

Amid such attacks, the NFT market (like the rest of the cryptocurrency market) is at all times beset by constant wash-trading which inflates an NFT’s trade volume and results in inaccurate or inflated prices for the asset.

bitsCrunch’s