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Anti-fraud Start-up for Cryptocurrency Companies

4 September 2019, 10:37
Votes: 1

A London-based company provides services aimed at detecting and warning its customers of potential frauds with their digital assets.

Anti-fraud Start-up for Cryptocurrency Companies

The main specialization of the firm entitled Elliptic is selling tools of blockchain analytics to such financial institutions as banks and major cryptocurrency platforms in order to prevent money laundering.

According to the recent information, Hamas’s military wing (Al-Qassam Brigades) created a donation web recourse, which produced a different address of a BTC wallet for every website visitor. That is why it was a real challenge to track the assets. However, according to James Smith, Elliptic’s CEO, the company has managed to inform its clients about the direction their funds were moving, thus making it possible to stop the process.  

Except for terrorist funding, Elliptic also deals with such illegal issues as drugs, hacks, and child pornography trading.

Elliptic’s executive added that the cryptocurrency sector has been developing by leaps and bounds over the last couple of years. Following Facebook’s idea of launching its own cryptocurrency, a lot of companies, and even central bankers expressed similar intentions. Thus, Elliptic is planning to develop further in order to work with emerging virtual currencies.

As mentioned earlier, New Zealand is one of the first countries planning to start using digital currency as a means of salary payments.

Read more: Cryptocurrency Can Help Gambling Business – Raul Lambino

Read more: Cryptocurrency: Where to Start?


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