RATE Group | Roughly $400 million of Ripple tokens tied to illegal activity: Elliptic | News
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Roughly $400 million of Ripple tokens tied to illegal activity: Elliptic | News

20 Nov Roughly $400 million of Ripple tokens tied to illegal activity: Elliptic | News

Posted at 13:47h in Cryptocurrency News by

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By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – About $400 million of XRP tokens, the currency for the Ripple payment network, is tied to illegal transactions, according to findings released on Wednesday by London-based Elliptic, a provider of risk management systems for the cryptocurrency industry.

The $400 million is equivalent to about 30% of XRP’s market capitalization of around $1.35 billion, based on numbers provided by coinmarketcap. XRP is a token used for payments and settlement.

Elliptic disclosed the finding as it announced the launch of what it described as the world’s first XRP transaction monitoring system. The company supports more than 85% of all crypto-assets, by value.

U.S. blockchain forensics company CipherTrace, in a report released in August, said cryptocurrency thefts, scams and fraud might exceed more than $4.3 billion this year.

“We have a team in London that scout the dark web for any…

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