Introducing Bilic: A Novel Intelligence Gathering Platform for Digital Forensics on the Blockchain
The Problem
Last year, $14 billion worth of crypto assets were stolen by hackers. Hackers targeted DeFi companies majorly, with crypto exchanges at the top of the list.
In August 2021, hackers breached Poly Network and stole assets worth $600 million. Another example was the $196 million stolen from Bitmart. This might seem like normal “news” but affected companies know better than that. For example, Bitmart’s CEO mentioned that the company will compensate affected users out of its funds. $196 million isn’t peanuts. Consider the troubles that Bitmart must have gone through when this happened in December 2021. And that’s not all.
Usually, when such crime reports circulate on the internet, users tend to shy away from patronizing the victim’s company. Invested users may move their funds from the company too. That’s unimaginable future revenue loss. Crypto organizations need to have strong security systems in place. External systems are best too, to help spot vulnerabilities that “inside” experts overlook.
How Bilic Comes In
According to CoinTelegraph, there is not enough Blockchain forensics expertise. The recent success of the agencies in the U.S.…may give the impression that law enforcement agencies everywhere are on top of Blockchain forensics. In reality, specialist teams armed with state-of-the-art Blockchain analysis tools, are the exception.
Another problem is that investigations take a lot of time because agencies have a small number of workers. And this is where we come in to help.
Bilic has a community pool of on-chain experts, developers, and end-users who track, investigate and solve Blockchain-related crimes. Simply put, we help companies recover their funds at a faster rate and with stronger expertise. We have three Follow The Money strategies which are: Transaction explorer, Funds tracker, and Wallet identifier.
For companies who prefer to be proactive, we help them prevent and detect criminal actions too. For example, they have access to our blacklist database. This database contains a list of entities that have been suspected or involved in illegal activities.
Our Mission
We want to help as many entities as possible prevent and investigate crimes. We understand that we might not be able to help everyone because hackers have always been and will always be.
Nonetheless, through our prevention systems, we will keep Blockchain-related crimes to the barest minimum. This will only be possible for our subscribers who “keep the dogs at bay”. For companies that seek our help after “the deed has been done”, we will recover at least 80% of the stolen funds. That is our promise.
Services we offer
We help victim companies recover stolen funds. For prevention, we provide detailed training to teams and individuals on how they can strengthen their security.
Some companies choose to benefit from our paid services and we offer cyber security and wallet analytics to them. We also grant them access to a blacklist database, as mentioned earlier, and use this to protect the companies from criminals.
Lastly, we have an analysis marketplace, where we analyze on-chain data associated with illegal activities.
Intel-as-a-service plan
Our open intelligence marketplace rewards analysts and on-chain investigations, while providing a platform for intelligence agencies and government organizations to consume actionable information. The marketplace runs in a secure privacy-preserving fashion.
We have seen how crime ruins companies, and so, we make our services available to the general public for free. In addition, we have more sophisticated services for paying subscribers.
Competitive advantage
We have a competitive advantage over all of our competitors because of the following:
We’ve built a proprietary tool FTM (https://ftm.bilic.io/dashboard) provided to our pool of investigators and analysts and in return they offer expertise and group intelligence to solve investigations brought into the company.
We in turn use this pool of information to build an intelligence data warehouse (IDW) that is unrivaled by any of our competitors. Unlike our competitors, we use the power of a community with on–chain experts, developers, and end users to track, investigate and solve blockchain related crimes through a marketplace of analysis and data.
Conclusion
Bilic is different from others. We do not rely on a few experts to help our clients. We provide a large community of analysts and investigators to tackle crimes.
