RATE Group | Cryptocurrency Forensics Firm Elliptic Ties $400M in XRP to Illicit Activities
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Cryptocurrency Forensics Firm Elliptic Ties $400M in XRP to Illicit Activities

24 Nov Cryptocurrency Forensics Firm Elliptic Ties $400M in XRP to Illicit Activities

Posted at 12:36h in Cryptocurrency News by

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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.”

Tracing XRP’s relation to illicit activities

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. Commenting on the findings, Tom Robinson, chief scientist and co-founder of 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…

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