PARSIQ’s Monitoring Platform Provides An Extra Layer of Security for Digital Wallets
PARSIQ is one of the first crypto-centric available solutions out there, providing compliance and risk management solutions for any company or user that is involved with cryptocurrency transactions.
Originally appeared on Fintech Zoom
Believe it or not, global cryptocurrency adoption is in full swing. Total market capitalization in the cryptocurrency markets currently stands at over $1.4 trillion USD, more than double the highs set during the 2017 crypto craze. While today’s market cap is more than 40% off of the 2021 high of $2.4 trillion USD set only a few months ago, general adoption and acceptance of crypto is slowly but steadily taking place.
For those who doubt that pricing increases are driven by new entrants into the crypto space, it is worth noting that crypto wallet usage is up as well, to a record high of more than 68 million wallets as of February 2021. The NFT frenzy which kicked off 2021 has undoubtedly aided in the masses to better understand the use cases of crypto — which has driven an entirely new type of demand which previously did not exist before. As a result, weekly NFT sales average in the tens of millions, up from less than one million per week the same time one year ago.
While renewed interest and increasing adoption of the blockchain and cryptocurrencies is a good thing, the growing inflows of money and higher valuations of assets also increases the interests and incentives of bad actors, who will undoubtedly up their efforts to search for vulnerabilities to exploit. These exploitations may ultimately impact you — whether your funds are stored in your wallet, on an exchange, in liquidity pools, or wherever else you may be deploying your virtual assets. What to do?
Monitoring Your Crypto
Since the beginning of the crypto movement, hackers have always been a force to be reckoned with. Starting with the notorious 2014 Mt. Gox hack that led to the disappearance of more than $460 million USD to the $3.8 billion USD stolen in 2020 by cryptocurrency hackers alone, crypto thieves have been present since the very beginning, and their presence will only increase in the years to come.
Unlike financial systems today, which often can help freeze transactions, assets, or provide traceability, when an intrusion is detected, crypto hacks are generally devastating for the end user. In a sense, once the crypto leaves a wallet, it’s gone. There are no abilities to call your bank to stop a transaction, no credit card company to call to let them know that your funds have been compromised. What is in the wallet balance is what is available, and there is no reversing of transactions which can be done.
Therefore, having real-time information about whether or not a wallet has been breached is more important than ever — as literally seconds can make the difference between whether the funds stay in the wallet, or leave without your permission.
Unfortunately, it’s not feasible (or healthy) to stare at your wallet all day long. So how can one stay protected and still go about their daily lives?
PARSIQ’s Solution
PARSIQ is one of the first crypto-centric available solutions out there, providing compliance and risk management solutions for any company or user that is involved with cryptocurrency transactions.
PARSIQ’s software protects its customers by providing free blockchain monitoring services. The software analyzes transactions in real time, cross-references transactions based on data which is sourced off-chain, and then produces a risk score based on this analysis. More amazingly, PARSIQ can take these analyses all the way to the blockchain mempool level — meaning that even if the transaction has somehow left a wallet before detection, there is still time to react before the transaction can be confirmed and transferred to the hacker account.
Additionally, with PARSIQ, users can monitor their smart contracts, the integrity of their transaction partners, balances for millions of crypto addresses, and more.
Want to know everything that is happening with your wallets? Configure PARSIQ so that you are alerted any time there are not only outgoing transactions, but also incoming ones. With this layer on top of an existing wallet, users can go about their day in confidence knowing that this sophisticated software is standing guard in front of their wallets.
It’s Time to Equip Your Wallets
While there is a current lull in the cryptocurrency markets, make no mistake, crypto adoption is slowly but steadily increasing. With more money and interest into the blockchain, criminals will become more incentivized by the day to find a way to loosen the grip you have on your own crypto. Although many participants may practice good security measures — from having cold wallets to configuring two-factor authentication, hackers may still find a way into a wallet given the right tools and/or circumstances.
All users, experienced and new, would benefit greatly from actively taking measures in protecting their funds through the adoption of software like that offered by PARSIQ. Remember, in the world of crypto, once the funds leave a wallet — they’re gone forever. With the stakes increasing by the day, why wouldn’t you utilize all of the tools available to fortify and protect the wallets under your control? With this kind of protection, all wallet holders can carry on about their days more confidently, knowing that their crypto is protected, and that a fund transfer from a wallet is happening only because the wallet owner authorized it to do so.
