Introducing Risky Transaction Bulk Exclusion, DeFi Action Suggestion Features! Simplifying Profit and Loss Calculations for NFT and DeFi Transactions

We are pleased to announce the introduction of new features for detecting risky transactions and bulk exclusions, as well as  DeFi action suggestions. These new features, based on our on-chain transaction analysis technology, make it easier to review and edit wallet transactions efficiently. For users engaging in DeFi and NFT activities, we are continuously providing smoother profit and loss calculations and asset management experiences.

Risky Transaction Display and Action Selection

Within cryptocurrency users' wallets, risky transactions, such as airdrops intended to lure users to phishing sites, may be deposited without the investor's intent. In response to numerous requests from our users on how to handle these transactions and implement bulk exclusion functionality, we have introduced a feature ahead of the 2024 tax filing season that detects potentially risky transactions as “Risky Transactions” and allows easy searching and filtering using the filter function.

This feature is an enhancement of cryptact's proprietary "DeFi Dictionary" technology, and we have developed a system that calculates risk scores for coins on DeFi. Transactions identified as potentially risky are marked with an icon, making it easier to identify and handle transactions that are unnecessary for profit and loss calculations. Additionally, these transactions can be processed in bulk as "FEE ONLY" through the assistant feature.

Please note that this feature does not assess the value of tokens. It is only applicable to tokens without a market price, while tokens that do have a price should be treated as “Bonus” for profit and loss calculations. Therefore, please be aware that excluding risk transactions must be done at the own discretion.

DeFi Action Suggestion Feature

For transactions in the DeFi transaction list that require identification as “Unkown transaction type”, we have added a “DeFi Action Suggestion” feature that proposes  transaction types such as “BONUS” or “LOSS/EXPENSE”, based on the deposit or withdrawal of the transaction. Users can also bulk approve all suggested transaction types. Previously, users had to manually select from a drop-down list of transaction types, but with this new feature, the user's hassle is reduced.

For details and instructions on how to use cryptact's DeFi features, please refer to the help page.

Cryptact will continue to enhance its DeFi and NFT functionalities, further optimizing profit and loss calculations and supporting the growth of active transactions in the cryptocurrency and NFT markets.