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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.
