Elliptic Unveils New Blockchain Analytics Solution August 12, 2022 August 12, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 12, 2022 by Kelly Cromley

Elliptic Unveils New Blockchain Analytics Solution

Elliptic, a worldwide leader in cryptocurrency risk mitigation, located in the United Kingdom, has unveiled a new platform for blockchain forensics that enables cryptocurrency assets to be simultaneously tracked throughout all blockchains and assets.

Holistic Screening brings a fresh perspective to cryptocurrency conformity and risk mitigation by enabling enterprises to accomplish cross-chain conformity, removing the requirement for human multi-asset scrutiny, and giving automated risk analytics.

Co-founder and Chief Scientist of Elliptic, Dr. Tom Robinson, recognizes that the narrative has evolved. Just about a decade ago, the firm began assisting crypto companies and financial firms in meeting their AML, CTF, and sanctions conformity requirements. Nevertheless, the corporation must now account for the reality that cryptocurrency assets and blockchains aren’t any longer stand-alone networks, but are instead part of a bigger, linked cryptoeconomy.

New technologies, including as decentralized exchanges and cross-chain bridges, have eliminated a large number of hurdles between assets, enabling the unrestricted movement of wealth and elevating the use and value of cryptocurrencies. This also creates new opportunities for trans-chain criminality.

Recent Elliptic research reveals that tens of millions of dollars in malware and North Korean hacking activity-related cryptocurrency assets are being routed using cross-chain bridges. Decentralized exchanges are being employed to dodge the confiscation of billions of dollars in ill gotten gains, and coinswap platforms, particularly in Russia recently, are being utilized for money laundering and sanctions dodging.

With the help of Holistic Screening, we can inspect and monitor such behavior. APIs from Elliptic do this without manual interference and in milliseconds, enabling organizations to filter client behavior at large and maintain compliance. Besides basic cross-chain analytics, Holistic Screening incorporates a variety of methodologies, such as complex smart contracts and cross-chain bridge tracking.

Holistic Screening is driven by Nexus, the latest blockchain analytics system from Elliptic. Nexus was designed during the last three years to track cryptocurrencies transactions automatically and swiftly across all traded assets and blockchains. It combines the exclusive data of Elliptic for every cryptocurrency and blockchain into an unified framework that represents the whole cryptocurrency environment. Compliance experts are able to examine cryptocurrency transactions and wallets. According to the business, Elliptic will detect the danger independent of investment vehicle or blockchain.

People perpetrate fraud, and only humans can prevent it. Solutions such as those provided by Elliptic may be of tremendous assistance, but what occurs when individuals disregard the warnings? Then, perhaps, regulators will intervene, such as they did with WazirX (Binance’s Indian business).

In accordance with the Prevention of Money Laundering Act, the country’s economic crime investigation section confiscated the branch’s holdings. The seized assets have a total worth of USD 8.15 million in bank deposits. The freeze resulted from a scrutiny by India’s Directorate of Enforcement (ED) into irresponsible lending organizations that allegedly utilized local cryptocurrency exchanges to wash their illicit proceeds.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.