$ 400 million in XRP is linked to illegal activities

$ 400 million in XRP is linked to illegal activities

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Cryptocurrency forensics and analysis company Elliptic has linked approximately $ 400 million in XRP tokens to illegal transactions. This according to a press release that was published on Wednesday, November 20.

In the report, the company said that “the $ 400 million of illegal activities identified by Elliptic represents less than 0.2% of total XRP transactions, demonstrating that the vast majority of activities are legitimate.”

Elliptic began analyzing XRP more than a year ago and has found that several hundred XRP accounts are related to illegal activities, from theft to the sale of stolen credit cards. In response to the findings, Tom Robinson, senior scientist and co-founder of Elliptic, said:

As the criminal use of crypto assets, such as XRP, evolves, we want to shed light on these illegal activities, giving financial institutions the confidence they need to deal with the crypto ecosystem. XRP is gaining more and more control over financial institutions and banks.

The company has disclosed its findings as part of the introduction of the beta version of XRP transaction monitoring support that allows customers to check whether a transaction is linked to criminal activities or sanctioned entities. In her analysis, Elliptic conducts ongoing research into the dark web, identifying money laundering patterns, and collects data that links XRP accounts to well-known entities.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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