$400M of Illicit XRP Transactions Discovered by Risk Management Firm

$400M of Illicit XRP Transactions Discovered by Risk Management Firm
фото показано с : beincrypto.com

2019-11-20 17:13

Elliptic, a firm specializing in risk management for cryptoassets, has discovered $400M in illicit XRP transactions. In total, it represents 0.2% of all transactions on the network.

In a press release shared with BeInCrypto, Elliptic has just added XRP to its monitoring suite and has found hundreds of XRP accounts linked to scams and illegal activity. 0.2% of all XRP transactions, totaling $400M, were found to be linked to criminal activity and sanctioned entities.

$400M of Transactions on XRP Linked to Criminals

These funds have been linked to credit card scams, thefts, and other illicit activities. Elliptic hopes that the data it has collected will be used by financial institutions to better monitor transfers on Ripple’s network. This is the first time a comprehensive screening for such criminal activities has been conducted for XRP.

Given that XRP specializes in cross-border payments, the findings are especially prescient. With Ripple gaining traction in the APAC region among banks and other financial institutions, Elliptic’s discoveries will prove fundamental to further legal oversight and transparency.

Only a Small Portion Transactions Affected

The report may seem damning, but it should be noted how the $400M linked to criminality is just a tiny portion of all XRP transactions. Through the use of data linking and money laundering patterns, Elliptic plans to publish its full platform for monitoring XRP transactions in the first week of December.

Being the third-largest cryptocurrency in the entire industry, the results found by Elliptic shouldn’t be surprising. Through these enhanced monitoring systems, we can likely expect these illicit transactions to decline and its perpetrators to be prosecuted. It should be noted, however, that Elliptic did not directly state any entities or individuals linked to these criminal activities on XRP. Hopefully, more information on those responsible will be forthcoming.

Images courtesy of Shutterstock.

Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

The post $400M of Illicit XRP Transactions Discovered by Risk Management Firm appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 0.519 (+0.18%)
Объем 24H $1.182b
Изменеия 24h: -0.39 %, 7d: -2.85 %
Cегодня L: $0.5172 - H: $0.5191
Капитализация $28.779b Rank 7
Цена в час новости $ 0.2687 (93.15%)

xrp transactions firm management 400m risk illicit

Источник: beincrypto.com

xrp transactions → Результатов: 126


RationalFX to Partner with Ripple for Making RippleNet-Based Payments To Over 200 Destinations

RationalFX, a foreign exchange United Kingdom-based firm, has recently started a partnership with Ripple, the creator of the XRP token and of cross-currency transfer initiatives like xRapid. According to the announcement of the company, it will be able to make cross-border transactions with over 200 locations using the help of RippleNet. This is an important […]

2019-4-5 03:46


[Breaking] Bithumb Crypto Exchange Hacked; 3M EOS and 20M XRP Transferred Out, Inside Job?

Twitter User Reports Major Hacking on Bithumb As Over 3 Million EOS Leaves Exchange Bithumb has already dealt with a major hack in its lifetime, but it looks like history is repeating itself. Whale Alert, a Twitter page that is dedicated to announcing major transactions on the blockchain, announced a transfer of 3,069,400 EOS, which […]

2019-3-30 10:22


Фото:

Op Ed: With Bitcoin, Anarchy Is the Point, Not the Problem

Last week, there was a panel at SXSW that was effectively a debate on the merits of permissioned blockchains versus permissionless systems like Bitcoin. I listened to the entire audio of the panel discussion, after Programming Bitcoin author Jimmy Song tweeted it out the other day, and I thought he did an awesome job of pointing out the key value proposition of Bitcoin and why it is not worth comparing to permissioned systems.

2019-3-23 17:29


What Is Ripple? What Is XRP? Ultimate New Guide Based on Extensive Research

Ripple was created by Ripple Labs Inc., as a network which aims to provide instantaneous and secure financial transactions of any magnitude, at negligible cost. In a nutshell, as long as there are people that are willing to exchange a type of currency or trading pair, with Ripple, there is a way to send and […] What Is Ripple? What Is XRP? Ultimate New Guide Based on Extensive Research was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

2019-2-21 18:54


Brazil’s Ramessa Online Uses Ripple’s xCurrent But Awaits Full Regulations Before XRP Integration

Ramessa Online, a company located in Sao Paulo, announced that they are waiting for XRP to be regulated before starting to use the digital asset. Remessa Online is also a partner of Ripple. The San Francisco-based company is offering services to financial institutions all over the world trying to make cross-border transactions faster and easier. […]

2019-2-6 19:28


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

FBI cybercrime report reveals crypto investment fraud in the US rose 53% YoY

The FBI’s Internet Crime Complaint Center (IC3) has released its 2023 report, revealing a significant rise in crypto-related fraud and the use of digital assets in cybercrime. The 2023 IC3 report serves as a comprehensive overview of the current state of internet crime, including the challenges and risks posed by the use of crypto in […] The post FBI cybercrime report reveals crypto investment fraud in the US rose 53% YoY appeared first on CryptoSlate.