Over 13% of Bitcoin Crime Proceeds Laundered Through ‘Privacy Wallets’: Elliptic
The number of crypto criminals using so-called privacy wallets to help hide their identities is on the rise, according to analytics firm Elliptic.
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According to a study published by the blockchain analysis firm Elliptic, over 13% of all proceeds of crime in bitcoin (BTC) were laundered via privacy wallets in 2020, up from 2% from the figures posted in 2019. 13% of All Proceeds of Crimes Leveraging BTC Were Laundered Via Privacy Wallets Dr. Tom Robinson, Elliptic’s co-founder and Chief Scientist, stated in the report called “Financial Crime Typologies in Cryptoassets” that so far in 2020, laundered crypto money through privacy wallets represented over $160 million worth in bitcoin from darknet markets, thefts, and....
The blockchain forensics firm said cross-chain bridges provide an "unregulated alternative" to exchanges for transferring value between blockchains. Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges one has been used to launder over half a billion dollars in ill-gotten crypto assets. According to an Aug. 10 report, crypto bridge RenBridge has facilitated the laundering of at least $540 million in proceeds of crime since 2020 through a process known as chain hopping — converting one form of....
As the world of crypto continues to evolve, so too do the methods employed by criminals to launder illicit funds. A recent report by Elliptic sheds light on the alarming surge in crypto money laundering, with a staggering $7 billion in suspicious or high-risk funds already laundered through cross-chain and cross-asset platforms. Data presented in […]
2020 has apparently been the year of privacy wallets, as more exchanges onboard KYC requirements. Elliptic, a leading firm in blockchain analytics, has found major shifts in recent trends in illicit crypto usagPer the firm's Dec. 9 study, the proportion of Bitcoin transactions that the firm has linked to criminal activity is way down, certainly relative to its 2012 peak:Nonetheless, bad actors continue finding new ways of placing ill-gotten gains via crypto. Elliptic noted a slight rise in crypto mixing usage, but a major increase in privacy wallets:Increasing legal pressure and criminal....
Elliptic, a Bitcoin analytics and security firm based out of London, announced 'The Bitcoin Big Bang' on Thursday. The software is a Bitcoin 'transaction monitoring and compliance' visualization that could identify in real time which Bitcoins are legal in a given jurisdiction. CoinTelegraph interviewed privacy researcher and security expert Kristov Atlas and market analyst Tone Vays to discuss their perspectives on privacy, price and compliance in relation to Elliptic's Bitcoin blockchain analytics. Elliptic's team of PhD data scientists and engineers have been working to map the 35 GB....