{"id":25522,"date":"2022-08-10T13:18:30","date_gmt":"2022-08-10T13:18:30","guid":{"rendered":"http:\/\/egrowonline.com\/?p=25522"},"modified":"2022-08-10T13:18:30","modified_gmt":"2022-08-10T13:18:30","slug":"elliptic-tackles-the-anonymity-of-cross-chain-bridges-with-new-aml-blockchain-insights-service","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=25522","title":{"rendered":"Elliptic Tackles the Anonymity of Cross-Chain Bridges With New AML Blockchain Insights Service"},"content":{"rendered":"


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Holistic Screening, Elliptic<\/strong>\u2018s new blockchain analytics service, is set to allow cryptoassets to be tracked and traced between all blockchains and assets concurrently.<\/em><\/h4>\n

Holistic Screening aims to assist cryptocurrency businesses in achieving cross-chain compliance through the automation of risk insights.<\/p>\n

\"dr\"dr
Tom Robinson<\/figcaption><\/figure>\n

\u201cThe way in which crypto is used has shifted,\u201d reveals Dr Tom Robinson<\/strong>, the company\u2019s co-founder and chief scientist. \u201cIndividual cryptoassets and blockchains are no longer isolated systems, and have become part of a larger, interconnected crypto-economy.\u201d<\/p>\n

Cryptoassets can be transferred between different blockchains through the use of cross-chain bridges; which eliminate the need for centralised exchanges.<\/p>\n

Despite the billions of dollars that make the crossing legitimately between Ethereum, Bitcoin and other blockchains, bridge services have become a key tool in money laundering and the financing of crime. Ill-saught proceeds are often moved between different blockchains as a way to evade tracing, and exchanges that can be used anonymously have become a major facilitator of \u2018chain-hopping\u2019.<\/p>\n

\u201cNew innovations such as decentralized exchanges and cross-chain bridges have removed many of the barriers between assets, allowing the free flow of capital \u2013 making crypto more useful and valuable, but also opening up new avenues for cross-chain crime,\u201d Robinson confirms.<\/p>\n

Due to the lack of regulation that surrounds their use, decentralised cross-chain bridges are providing cybercriminals with unregulated alternatives to launder and move their proceeds.<\/p>\n

Hundreds of millions of dollars in cryptoassets from ransomware and North Korean cyber activity are being laundered through cross-chain bridges, according to the company\u2019s latest research<\/a>, with decentralised exchanges being exploited to evade the seizure of stolen assets; while \u2018coinswap\u2019 services in Russia and elsewhere continue to be leveraged for money laundering and sanctions evasion.<\/p>\n

The company\u2019s recently announced blockchain analytics service will screen and track this kind of activity automatically through the deployment of Elliptic\u2019s APIs, which will enable businesses to screen customer activity at scale while also adhering to cross-chain compliance.<\/p>\n

The Holistic Screening service is powered by the company\u2019s new blockchain analytics engine Nexus, which has reportedly taken three years for the company to develop and is architected to programmatically trace cryptoasset flows across various assets and blockchains.<\/p>\n

It merges Elliptic\u2019s data for each cryptoasset and blockchain into a single financial network of crypto transactions and wallets, which can then be screened by compliance teams<\/p>\n

\u201cWith this one true holistic view, cryptoassets can be traced across and between all blockchains and assets concurrently, in a single screening \u2013 reducing the time needed to make a compliance decision,\u201d continues Robinson. \u201cHolistic screening goes far beyond simple cross-chain analytics to incorporate a range of techniques including advanced smart contract and cross-chain bridge tracing.\u201d<\/p>\n

\"Simone\"Simone
Simone Maini<\/figcaption><\/figure>\n

Adding to this, Simone<\/strong> Maini<\/strong>, the company\u2019s CEO, said: \u201cHaving an understanding of the total risk exposure of all the transactions, across all assets, presented to an institution is the holy grail of the \u201crisk based approach\u201d required by global financial crime regulators.<\/p>\n

\u201cElliptic\u2019s new Holistic Screening approach enables crypto compliance teams to meet and exceed this goal, and to know exactly where their risk exposure is, delivering a new standard in blockchain analytics. This means institutions can make better decisions, faster.\u201d<\/p>\n<\/div>\n


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Holistic Screening, Elliptic\u2018s new blockchain analytics service, is set to allow cryptoassets to be tracked and traced between all blockchains and assets concurrently. Holistic Screening aims to assist cryptocurrency businesses in achieving cross-chain compliance through the automation of risk insights. Tom Robinson \u201cThe way in which crypto is used has shifted,\u201d reveals Dr Tom Robinson, […]<\/p>\n","protected":false},"author":1,"featured_media":25523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[38],"tags":[6114,4015,73,2335,2334,7772,1584,320,10358],"class_list":["post-25522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-aml","tag-anonymity","tag-blockchain","tag-bridges","tag-crosschain","tag-elliptic","tag-insights","tag-service","tag-tackles"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/iStock-1346223165-e1660130768659.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25522"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25522\/revisions"}],"predecessor-version":[{"id":25524,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25522\/revisions\/25524"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/25523"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25522"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}