Elliptic Ltd. is a London-based blockchain analysis provider founded in 2013.

Activities

The company's primary business is its blockchain analysis tool that provides cryptocurrency exchanges and financial services with anti-money laundering software. The company also runs a forensics software that law enforcement have used to track bitcoin terrorist funding.[1][2]

History

When launched in 2013, Elliptic was initially known for providing a cold storage vault service for storing bitcoin private keys to protect them from theft and hacks.[3] Since then the company has been known for its anti-money-laundering analysis software. Software such as Elliptic's has been argued to increase institutionalisation of bitcoin.[4] Elliptic's software has also been used to alert cryptocurrency firms when terrorists attempt to raise money via bitcoin.[5]

On November 4 2020, almost US$1 billion worth of bitcoin that likely originated from Silk Road was on the move, according to Elliptic.[6] That month, 69,369 bitcoins were reportedly moved out of a wallet that may be associated with the Silk Road website.[7]

References

  1. ↑ "Hamas shifts tactics in bitcoin fundraising, highlighting crypto..." Reuters. 2019-04-26. Retrieved 2019-06-04.
  2. ↑ "Blockchain Analysis Spending by US Government Agencies Has Tripled in 2018". Crowdfund Insider. 2018-09-26. Retrieved 2019-06-04.
  3. ↑ Dunn, John E. "Elliptic: UK Bitcoin startup plots future in dark web forensics". Techworld. Retrieved 2019-06-04.
  4. ↑ "New bitcoin technology can tell banks where coins come from with incredible accuracy". Business Insider.
  5. ↑ Browne, Ryan (2019-09-04). "This start-up lets cryptocurrency firms know when terrorists are trying to raise money". CNBC. Retrieved 2019-09-06.
  6. ↑ "Bitcoin Haul of $1 Billion on Move, Possibly With Silk Road Tie". Bloomberg.com. 4 November 2020. Retrieved 2020-11-04.
  7. ↑ "Bitcoin Haul of $1 Billion on Move, Possibly With Silk Road Tie". Bloomberg. 4 November 2020. Retrieved 2023-04-23.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.