Ripple CEO Brad Garlinghouse at a TechCrunch conference on September 5, 2018
Ripple CEO Brad Garlinghouse at a TechCrunch conference on September 5, 2018. Steve Jennings/Getty Images for TechCrunch

Cryptocurrency analysis firm Elliptic has launched a beta version of its transaction monitoring support for the XRP token, the company announced in a press release on 20 November.

According to the announcement, Elliptic was able to tie around $400 million worth of XRP transactions to a variety of Ponzi schemes and darknet activities, which represents only 0.2 percent of the token’s transactions.

The company stated that their findings demonstrate that the vast majority of XRP’s activity is “legitimate”.


Tom Robinson, the Chief Scientist and Co-Founder of Elliptic, commented on the findings:

“As criminal use of crypto-assets such as XRP evolves, we are committed to shining a light on this illicit activity, giving financial institutions the confidence they need to engage with the crypto ecosystem. XRP is gaining increasing traction in the APAC region among financial institutions and banks. With cryptocurrency regulatory frameworks advancing quickly, our AML solutions will help accelerate adoption in this region and globally.”

The company also revealed that it began analyzing the XRP token over a year ago, and in the process identified several hundred XRP accounts that were connected to illegal activity, “ranging from thefts to scams and the sale of stolen credit cards”.

It further stated that the beta version of its transaction monitoring support for XRP will enable users to verify if a transaction is connected to a criminal activity.

The blockchain forensic firm has also claimed to have “assessed risk on transactions worth several trillion dollars”, and in the process has uncovered cryptocurrency activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.

With the addition of XRP, the third largest cryptocurrency by market value, the Elliptic platform now supports over 85 percent of all crypto-assets, by market capitalization.

Earlier this year, Elliptic released a public dataset of bitcoin transactions associated with money laundering, in collaboration with researchers from MIT. The data set was developed with data from over 200,000 Bitcoin node transactions, with a total value of $6 billion.

It was created to see if artificial intelligence could assist current anti-money laundering (AML) procedures.