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Only 0.2% of XRP transactions used for illicit activity

Arijit Sarkar

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Only 0.2% of XRP transactions used for illicit activity
Source: Pixabay

Elliptic, a blockchain and crypto-focused analytical firm, had conducted a study on the illicit use of Bitcoin uncovering a mere 2% use. The firm recently released another study focused on XRP transactions, which read,

“The $400m of illicit activity identified by Elliptic represents less than 0.2% of total XRP transactions, demonstrating that the vast majority of activity is legitimate.”

Elliptic’s latest transaction monitoring support for XRP is aimed at helping cryptocurrency businesses and financial institutions “to systematically screen XRP transactions for links to criminal activity and sanctioned entities with an enterprise-grade solution.”

Furthermore, Tom Robinson, Chief Scientist and Co-founder of Elliptic stated,

“We began researching XRP more than a year ago and have already identified several hundred XRP accounts linked to illicit activity ranging from thefts to scams and the sale of stolen credit cards”

Elliptic also shared that such reports will help cryptocurrency regulatory frameworks accelerate adoption in a global scale. Elliptic cited “ongoing dark web research, identification of money laundering patterns and the collection of high-quality data linking XRP accounts to known entities” as its primary sources for this study.

Arijit is a full-time journalist at AMBCrypto, who focuses on the XRP and Ethereum ecosystem. Leveraging over three years of experience in media and Majoring in Computer Science, he covers the technical developments in the crypto ecosystem