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$400M of Illicit XRP Transactions Discovered by Risk Management Firm

2 mins
Updated by Adam James
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Elliptic, a firm specializing in risk management for cryptoassets, has discovered $400M in illicit XRP transactions. In total, it represents 0.2% of all transactions on the network.
In a press release shared with BeInCrypto, Elliptic has just added XRP to its monitoring suite and has found hundreds of XRP accounts linked to scams and illegal activity. 0.2% of all XRP transactions, totaling $400M, were found to be linked to criminal activity and sanctioned entities. XRP

$400M of Transactions on XRP Linked to Criminals

These funds have been linked to credit card scams, thefts, and other illicit activities. Elliptic hopes that the data it has collected will be used by financial institutions to better monitor transfers on Ripple’s network. This is the first time a comprehensive screening for such criminal activities has been conducted for XRP. Given that XRP specializes in cross-border payments, the findings are especially prescient. With Ripple gaining traction in the APAC region among banks and other financial institutions, Elliptic’s discoveries will prove fundamental to further legal oversight and transparency. XRP Criminal

Only a Small Portion Transactions Affected

The report may seem damning, but it should be noted how the $400M linked to criminality is just a tiny portion of all XRP transactions. Through the use of data linking and money laundering patterns, Elliptic plans to publish its full platform for monitoring XRP transactions in the first week of December. Being the third-largest cryptocurrency in the entire industry, the results found by Elliptic shouldn’t be surprising. Through these enhanced monitoring systems, we can likely expect these illicit transactions to decline and its perpetrators to be prosecuted. It should be noted, however, that Elliptic did not directly state any entities or individuals linked to these criminal activities on XRP. Hopefully, more information on those responsible will be forthcoming.
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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
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