A transaction graph is a representation of transfers as connected activity: addresses or accounts are shown as nodes, and transactions linking them are shown as edges. Analysts use it to follow how assets move between wallets, exchanges, and other services, and to identify patterns or destinations that may warrant investigation.
In cyber security and crypto incident response, transaction graphs help investigators trace stolen funds, prioritize addresses for monitoring, and spot points where assets might be contained. They do not by themselves prove who controls an address or establish that a transfer is criminal. Shared services, pooled funds, and incomplete attribution can make the picture ambiguous, so graph analysis should be combined with other evidence and clearly stated uncertainty.