Elliptic is now capable of monitoring cryptocurrency transactions within milliseconds across all blockchains. According to a press release, Holistic Screening, the latest analytics solution launched by Elliptic, can help companies comply with regulations.
Tracing stolen money across many blockchains, often achieved through cross-chain bridges, will be sped up with Holistic Screening.
“The use of cryptocurrencies has evolved. Crypto assets and blockchains are no longer considered two separate systems, according to Tom Robinson, co-founder and chief scientist at Elliptic.”
Since they are unregulated and unmonitored, alternatives to cryptocurrency exchanges and decentralized cross-chain bridges are a breeding ground for illicit activity. Chainalysis estimates that cross-chain bridge thefts will total $2 billion this year.
According to the Elliptic study’s findings, one of these bridges, known as RenBridge, has been used to launder at least $540 million in proceeds from illegal operations, with a third of those funds stolen by North Korean hackers.
These systems are currently being investigated. On Monday, the United States Department of the Treasury imposed sanctions against cryptocurrency mixer Tornado Cash. A significant amount of cryptocurrency worth tens of millions of dollars were stolen from Robin earlier this year and laundered through the service.
Robinson stated that Elliptic’s automated and scalable offering is superior to labor-intensive manual research.