Blockchain sleuthing firm Elliptic has launched a new risk analytics tool to track and screen cryptocurrency movement across multiple blockchains.
Founded in 2013, London-based Elliptic helps crypto businesses and financial institutions to meet their AML (Anti-Money Laundering), CTF (Counter-Terrorism Financing), and sanctions compliance obligations.
If users move their cryptocurrency from one blockchain to another using a bridge, it can be traced quickly and at scale using Elliptic’s Holistic Screening.
Decrypt has reached out to Elliptic for comments on supported blockchains.
Elliptic to track crypto bridges
Attacks on crypto bridges have been a boon for hackers this year.
Nearly $670.69 million worth of funds have been stolen across the Web3 ecosystem in Q2 2022, according to data from Immunefi.
Chainalyis, another blockchain analytics firm, estimates that cross-chain bridges alone account for roughly $2 billion in stolen funds.
These stolen crypto assets are then often laundered through cross-chain DeFi products (including bridges and decentralized exchanges) and mixer services to evade sanctions, according to Elliptic.
Holistic Screening thus allows these laundering activities to be screened and traced more efficiently. Various crypto businesses and financial institutions conducting cross-chain activities can also use Elliptic’s new product to stay compliant.
“Elliptic’s 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,” said Elliptic’s CEO Simone Maini. “This means institutions can make better decisions, faster.”