Innovative Cryptocurrency Tracking Tool Reduces Fraud Investigation Time by 70%

Introduction

株式会社GOODREI, headquartered in Chuo-ku, Tokyo, has recently validated the performance of its cryptocurrency tracking tool, PangoLink. The results reveal that the time required to identify the destination of embezzled virtual currencies can be reduced by approximately 70%. This development comes in response to the increasing demand for effective tracking of cryptocurrency transactions, especially amidst a rise in cases of unauthorized access and fraud.

Background

In recent years, cryptocurrencies like Bitcoin and Ethereum have gained immense popularity as both investment vehicles and methods of remittance. However, this growth has also been accompanied by a surge in incidents involving asset theft, leading to grave societal challenges. Reports indicate that, by 2024, the amount siphoned off through unauthorized remittances to financial institutions under the guise of cryptocurrency exchanges could reach a staggering 3.2 billion yen, highlighting the gravity of the issue.

Traditionally, the process of tracking the flow of funds was cumbersome, requiring extensive manual research through blockchain explorers, which demanded specialized knowledge and considerable time. The difficulty mounts when funds are dispersed and laundered through multiple wallets, complicating the tracing process.

In response to this growing trend, there has been a keen interest in tools that can visualize the flow of cryptocurrencies more swiftly and intuitively. For investigative agencies and corporate incident response teams, the keys to curbing widespread damage lie in the early detection and prompt response to fraudulent activities.

To address this demand, GOODREI's robust experience in digital forensics was instrumental in validating the PangoLink tool. By modeling previous incidents of cryptocurrency theft and comparing it against traditional methods, the improvements in analytical efficiency and visualization benefits of using PangoLink were elucidated.

Verification Process

The verification involved a systematic approach where testers were provided with information regarding the affected address, time, and amount prior to the investigation. The process consisted of three primary steps:

1. Extraction of Relevant Transactions: Transaction histories of affected addresses were retrieved, focusing on transactions that were of high value and occurred close to the time of the incident.
- Manual Tracking: Testers utilized generic blockchain explorers lacking filtering capabilities while visually scanning and identifying relevant transactions.
- PangoLink Tracking: The tool allowed testers to efficiently filter and extract transactions based on specific dates and amounts.

2. Visualization of Extracted Transactions: The identified related transactions were organized in an accessible format for subsequent investigations.
- Manual Tracking: Data was recorded in a spreadsheet by the testers.
- PangoLink: With just a click, the tool automatically displayed the relationship of transactions in a graphical format.

3. Selection of Significant Addresses for Continued Investigation: Among the extracted transactions, one address considered significant was chosen for further tracing, repeating the previous step.

Evaluation Criteria and Results

The verification measured the time needed for extracting transactions and visualizing them using both manual tracking and PangoLink. The findings were as follows:

Evaluation Criteria	Manual Tracking	PangoLink	Difference	Time Reduction
--------	----	---	----	---
Transaction Extraction	43.8 seconds	31.7 seconds	-12.1 seconds	27.6%
Transaction Visualization	4 min 56.2 sec	1 min 17.5 sec	-3 min 38.7 sec	73.8%
Total	5 min 40 sec	1 min 49.2 sec	-3 min 50.8 sec	67.9%

The results demonstrate that PangoLink cuts investigation times by about 70% compared to traditional methods, particularly excelling in the visualization of fund flows with a remarkable 74% reduction in time. This indicates a significant potential for accelerating initial response times and optimizing resource allocation in actual investigative scenarios.

Supplementary Insights: Enhanced Effectiveness in Large-Scale Investigations

While this validation focused on specific model cases, actual fraud investigations often involve thousands to tens of thousands of transactions. In manual tracking, the effort required grows exponentially with the increase in the number of transactions, raising the risk of human error and overlooking crucial details. Conversely, as the volume of investigation targets increases, the filtering and visualization features of PangoLink demonstrate increasingly pronounced efficiency improvements. Especially in large-scale cases where manual tracing becomes nearly impossible, it is expected to outperform the current findings significantly, providing transformative benefits.

About PangoLink

PangoLink, developed by Blockchain Security, is a purpose-built forensic investigation tool for tracking and analyzing cryptocurrencies. It is designed for ease of use, allowing individuals without extensive knowledge of cryptocurrencies to intuitively visualize and investigate fund flows through automatic processing features. Its standout characteristic is its unified interface supporting multiple blockchains, enabling investigators to rapidly graph transactions and pinpoint illicit fund movements without being bogged down by varying specifications of different cryptocurrencies.

How to Inquire about PangoLink

For inquiries, demo requests, or purchase intentions regarding PangoLink, please contact our authorized distributor in Japan:

Quality Net Corporation
Cyber Forensics Division
https://cyber.quality-net.co.jp/

About GOODREI

GOODREI specializes in digital forensics, focusing on digital asset restoration and management of digital inheritances. We handle inquiries related to a wide array of cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Cardano, assisting families in accessing data from deceased individuals' devices and resolving various issues related to digital assets. In response to the rising importance of digital asset inheritance, we offer support in securely bridging valuable information to the next generation.

CEO: Kenjiro Sueyoshi
Headquarters: 1-11-12 Nihonbashi Muromachi, Chuo-ku, Tokyo
Website: https://goodrei.tokyo/

Media Inquiries

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GOODREI
Email: [email protected]

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