Cryptocurrency forensics and analysis firm Elliptic has tied about $400 million worth XRP tokens to illegal transactions.
In a press release published on Nov. 20, the firm indicated that "The $400m of illicit activity identified by Elliptic represents less than 0.2% of total XRP transactions, demonstrating that the vast majority of activity is legitimate."
Elliptic began analyzing XRP over a year ago and has identified that several hundred XRP accounts are related to illegal activity - from thefts to the sale of stolen credit cards, the release further reads.
"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."
Cryptocurrency Forensics Firm Elliptic Ties $400M in XRP to Illicit Activities
Published on Nov 20, 2019
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.