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.
  • Bitcoin (BTC) $37,267.60 (-0.76%)
  • Ethereum (ETH) $1,238.71 (+1.81%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.353800 (+11.42%)
  • Litecoin (LTC) $148.14 (-0.57%)
  • Bitcoin (BTC) $37,267.60 (-0.76%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.