How Upbit Strengthened Its Fraud Detection System with Nodit Web3 Data API
Case Study: Leveraging Nodit’s Web3 API for Blockchain Transaction Tracking
With the rising number of crypto-related crimes, accurate and real-time blockchain data has become crucial for building robust fraud detection and investigation systems. Upbit, a leading global cryptocurrency exchange in South Korea, recognized this need and developed Onchain Tracer System(OTS) to track and trace suspicious blockchain transactions efficiently.
To meet the stringent requirements of its Onchain Tracer System (OTS) — including real-time data accessability, high data reliability, and system stability — Upbit decided to leverage Nodit’s Web3 Data API. Beyond satisfying these critical needs, Nodit’s solution also enhanced the operational efficiency of Upbit’s OTS, enabling more precise tracking and tracing of suspicious blockchain transactions.
Challenge: Manual Tracking and Inconsistent APIs Across Blockchains
Upbit’s Financial Data Intelligence (FDI) team developed the OTS (Onchain Tracer System) to trace the flow of funds across different wallets using AI. The system tracks both deposit sources and withdrawal paths, offering valuable insights for law enforcement and public institutions.
However, the team faced significant challenges before adopting Nodit’s solution:
- Inconsistent data sources: Upbit had to use different APIs for each blockchain network. For example, they needed to manage various APIs for each blockchain, such as Ethereum and Tron, which created significant challenges in terms of maintenance and stability.
- Lack of real-time data: The FDI team needed real-time and highly accurate data to power their AI-based tracking system, but managing multiple APIs with varying reliability hindered their efforts.
Solution: How Nodit Streamlined Blockchain Data Management
By integrating Nodit’s Web3 API, Upbit overcame its previous challenges and significantly improved its fraud detection capabilities. Here’s how Nodit helped:
1. Unified API for Multiple Blockchains
Nodit provided a single, unified API supporting multiple blockchains, eliminating the need to maintain separate APIs for each network. This consolidation reduced operational complexity, minimized maintenance efforts, and improved system stability.
“Previously, we had to make separate API calls for each blockchain, which was inefficient and time-consuming. With Nodit, we could consolidate everything into a single API call, greatly simplifying the process.” — SO, FDI TEAM LEAD
2. Real-Time Data with High Accuracy
One of the critical requirements for Upbit’s fraud detection system was real-time data retrieval with high accuracy. Nodit’s API delivered reliable, real-time data, allowing Upbit to track transactions with confidence.
“We were very satisfied with the real-time data speed and accuracy. Nodit’s solution enabled us to reduce response time and provide faster services.” — SHIN, OTS PROJECT DEV
3. Custom Features and Fast Feedback Loop
Nodit’s ability to quickly adapt to Upbit’s specific needs was a game-changer. Through dedicated support channels, such as Slack, Nodit’s team responded promptly to feature requests and issue reports. For example, when Upbit needed a combined API for wallet transactions and swap logs, Nodit quickly implemented the solution.
“Nodit was the only provider that truly understood our needs. We requested several custom features, and they were implemented quickly, which significantly improved our operational efficiency.” — SO, FDI TEAM LEAD
Results: Faster, More Reliable Onchain Tracking
By switching to Nodit’s Web3 API, Upbit achieved the following results:
- Improved efficiency: The unified API and faster data retrieval reduced manual intervention, allowing the FDI team to focus more on analysis and less on maintenance.
- Reduced time to action: With real-time data and better response speed, Upbit could detect and act on suspicious transactions faster.
- Enhanced reliability: Nodit’s stable API ensured that the FDI team could rely on accurate data without frequent downtimes or errors.
- Quick Response: The fast feedback loop and real-time communication with Nodit’s team helped Upbit continually improve Onchain Tracer System
What’s Next: Expanding Blockchain Coverage
While Upbit has already seen significant improvements with Nodit’s API, they are actively working with Nodit to expand support for more blockchain networks.
“We’re looking forward to Nodit covering more blockchains in the near future. With their reliable service, we plan to extend our fraud detection capabilities across additional networks.” — SO, FDI TEAM LEAD
Additionally, Upbit is actively exploring new initiatives to strengthen user protection and enhance the security of blockchain transactions. As cryptocurrency adoption grows, ensuring safe and reliable tracking solutions remains a key priority, and Upbit aims to continue contributing to a safer crypto ecosystem by applying its deep industry expertise.
Key Benefits of Using Nodit Web3 API
- Unified API: A single API to manage multiple blockchains, simplifying operations and reducing maintenance efforts.
- Real-time, accurate data: Ensures high data integrity and fast response times for critical use cases.
- Dedicated support and fast issue resolution: Nodit’s responsive support team helped Upbit implement custom features quickly.
- Scalable solution: The flexibility to expand support for additional blockchains as Upbit’s needs grow.
🔎Want to Know More About Nodit?
Nodit is a platform aims to provide reliable node & consistent data infrastructure for scaling your dapps in multi-chain environment. The core technology of Nodit is a data pipeline that performs crawling, indexing, storing, and processing of blockchain data, along with a reliable node operation service. With processed blockchain data, developers can leverage on-chain and off-chain integration, advanced analytics and visualization, and even AI modeling to build exceptional Web3 products.
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