Copy link
Increase text size
Decrease text size
Link copied

$400M of Ripple’s XRP token linked to illicit activity: Elliptic

Thu, 21 Nov 2019, 04:46 am UTC

Elliptic Launches the World's First XRP Transaction Monitoring System - Identifies $400M of Illicit Activity in XRP Transactions

Crypto analytics firm Elliptic has launched an XRP transaction monitoring system, allowing crypto businesses and financial institutions to screen XRP transactions for links to criminal activity and sanctioned entities with an enterprise-grade solution.

XRP, the third-largest cryptocurrency by market value, is the latest asset to be added to Elliptic's crypto-asset risk management suite, which already supports bitcoin, ether, litecoin, and tether. The risk management suite uses blockchain insights and analytics to alert clients to high-risk transactions.

Elliptic said that its analysts have developed a deep understanding of how bad actors use XRP through ongoing dark web research, identification of money laundering patterns and the collection of high-quality data linking XRP accounts to known entities.

With this announcement, the Elliptic platform supports more than 85% of all crypto-assets, by market capitalization.

Majority of XRP activity is legitimate

In its press release, Elliptic said that it has identified $400 million worth of illicit XRP activity. Dr. Tom Robinson, Chief Scientist and Co-founder, Elliptic, said that they began looking into XRP activity more than a year ago and have identified several hundred XRP accounts linked to illicit activity such as thefts, scams and the sale of stolen credit cards.

This, however, represents less than 0.2% of total XRP transactions, meaning that a vast majority of activity is legitimate, Elliptic said.

"As criminal use of crypto-assets such as XRP evolves, we are committed to shining a light on this illicit activity, giving financial institutions the confidence they need to engage with the crypto ecosystem. XRP is gaining increasing traction in the APAC region among financial institutions and banks. With cryptocurrency regulatory frameworks advancing quickly, our AML solutions will help accelerate adoption in this region and globally,” Robinson added.

Elliptic said that XRP support is currently in beta, adding that full support will be rolled out to its clients in the first week of December. It plans to add support for more assets over the coming months.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,124.46 (-2.16%)
  • Ethereum (ETH) $142.80 (-1.50%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $207.22 (-2.22%)
  • Litecoin (LTC) $43.64 (-1.64%)
  • Bitcoin (BTC) $7,124.46 (-2.16%)
Dec 14, 2019 (Saturday)
05:44
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
12:50
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:25
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
11:24
Terra launches stablecoin-powered payments service in Mongolia
10:37
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
10:22
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
08:55
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
08:55
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
07:49
Twitter looks to blockchain to decentralize social media
07:03
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
06:22
ING bank developing custody project for digital assets: Report
06:18
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
05:28
Franklin Templeton leads blockchain-based social impact platform’s funding round
04:58
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
04:44
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
04:33
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
04:33
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
03:24
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
03:23
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft