In the handout printed on the 20th of November, the firm indicated that “the $400m of illicit activity known by Elliptic represents but 0.2% of total XRP transactions, demonstrating that the overwhelming majority of activity is legitimate”.
Following XRP’s relation to illicit activities.
Elliptic began analyzing XRP over a year ago and has known that many hundred XRP accounts area units associated with criminal activity, from thefts to the sale of taken credit cards, discharge more reads. Commenting on the findings, Chief scientist and co-founder of Elliptic, Robinson Tom 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. In the APAC region among financial institutions and banks, XRP gains increased traction.
The firm disclosed it’s findings as a part of the introduction of the beta version of groups action observation support for XRP that allows purchasers to visualize of a group action is joined to criminal activities or sanctioned entities. In its analysis, Elliptic conducts an ongoing dark internet analysis, identification of cash lavation patterns and also collects information that links XRP accounts to known entities.
Recently, the blockchain analytics firm chainalysis launched alerts for suspicious transactions across fifteen major cryptocurrencies. This tool is supposed to assist cryptocurrency exchanges and alternative money establishments mitigate their restrictive and reputational risks.
Although crypt firms typically try to incentivize network integrity by fixing bounty programs that reward questionable white-hacks hackers for exposing vulnerabilities, some business member like John McAfee argues that authorities mustn’t need cryptocurrency firms and mercantilism platform sadly them in managing digital currency use in illicit activities.