A new risk analytics tool has been released by blockchain sleuthing company Elliptic to monitor and check the movement of cryptocurrencies across several blockchains.
Elliptic, a London-based company, was established in 2013 to assist financial institutions and crypto firms in adhering to AML (Anti-Money Laundering), CTF (Counter-Terrorism Financing), and sanctions compliance requirements.
A new risk analytics tool has been released by blockchain sleuthing company Elliptic to monitor and check the movement of cryptocurrencies across several blockchains.
Elliptic, a London-based company, was established in 2013 to assist financial institutions and crypto firms in adhering to AML (Anti-Money Laundering), CTF (Counter-Terrorism Financing), and sanctions compliance requirements.
Using Elliptic's Holistic Screening, cryptocurrency transfers from one blockchain to another may be swiftly and extensively tracked.
Elliptic has been contacted by Decrypt for views on the supported blockchains.
To track crypto bridges, use elliptic
This year, cybercriminals have benefited from attacks on crypto bridges.
According to data from Immunefi, in Q2 2022, thefts in the Web3 ecosystem totaled around $670.69 million.
Another blockchain analytics company, Chainalyis, calculates that just cross-chain bridges are responsible for about $2 billion in stolen money.
Elliptic claims that in order to circumvent sanctions, these stolen cryptocurrency assets are frequently laundered using cross-chain DeFi products (such as bridges and decentralized exchanges) and mixer services.
Thus, more effectively screening and tracing these laundering operations is made possible by holistic screening. Elliptic's new offering can help a variety of crypto companies and financial institutions who engage in cross-chain transactions stay compliant.
Elliptic's CEO Simone Maini stated that the company's new holistic screening method "enables crypto compliance teams to reach and surpass this target and to know exactly where their risk exposure is, creating a new standard in blockchain analytics." "This implies organizations can decide better and more quickly."
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