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Elliptic Lets Cryptocurrency Firms Detect Criminal Activity

Startup Lets Crypto Firms Detect Criminal Activity

Elliptic Lets Cryptocurrency Firms Detect Criminal Activity

Startup Elliptic is working towards making the crypto realm safer by allowing companies to deliver safe and trusted services in cryptocurrency. As reported by CNBC, Elliptic’s software is designed to detect criminal activity on the ledger of the blockchain technology of financial companies or institutions. 

The firm sells blockchain analytic tools to large financial institutions and other cryptocurrency platforms. The analytical tools are used to monitor transactions made on Bitcoin’s digital ledger. Thus, it can detect any discrepancies leading to money laundering or any other criminal activity. This keeps a check on offenses such as child pornography, drugs, illicit trades and hacking which could potentially steal funds. 

James Smith, Elliptic’s co-founder and CEO said:

“Because we are always on top of what’s about to happen, we can see when those funds start to move to exchanges. We were able to let our customers know that these funds were heading towards them, and they were able to stop them.” 

Elliptic recently raised USD 23 million in a funding round led by Japan’s SBI Holdings. It said that it is looking forward to back various virtual asset dealers to identify and regulate cryptocurrency transactions. Libra, specifically is one digital currency the firm is looking to support.

As per one of its own reports, Al-Qassam Brigades, the extremist wing of Hamas and a group designated as a terrorist organization by many countries, was raising funds through a donation website, which generated a different digital wallet address for every person that donated. This made it difficult to track the flow of funds. Elliptic jumped in as a savior and helped to trace some of these addresses. 

Elliptic’s boss giving his opinion on cryptocurrencies said, “it’s out of the box”.  There has been significant adoption of cryptocurrencies, with even certain central banks such as china’s endorsing the idea. With such an increase in scale, it becomes incumbent that there exist certain regulations on cryptocurrency usage and companies like Elliptic are striving towards doing so.

 

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Bank of America Secures Tamper-Proof Blockchain Patent

America’s second-largest bank after Morgan Chase may have taken a reluctant step closer to cryptocurrency storage with the securing of its “tamper responsive” blockchain patent.

The Bank of America filed for the patent in 2016 for a technology which acts as another barrier against hacking into clients’ private keys. The patent describes how, during attempts to hack remote storage of private cryptocurrency keys, “such devices do not provide for a real-time response to such breaches, such that misappropriation of private cryptography keys is prevented”.

To prevent these “misappropriations” the new tamper-proof invention “points out to a structure having redundant keys in which the system automatically reacts to tamper attempts by removing the key from the potentially compromised device”.

According to the patent:

“In other specific related embodiments of the system, the one or more sensors further comprise at least one of a shock sensor, an acceleration sensor and a temperature sensor, in such embodiments of the system, the first processor is further configured to, in response to receiving the tamper-related signals from at least one of the shock sensor, the acceleration sensor and the temperature sensor, delete the one or more private cryptography keys from the first memory.”

The patent offers the holders a highly marketable product. It seems likely that larger companies more at risk to large-scale hackings may find the Bank of America tamperproof system highly applicable to be used alongside their current cybersecurity measures. However, in terms of the bank’s own stance on cryptocurrency, it seems unlikely that it will be offering its own cryptocurrency storage anytime soon. It cannot, under any circumstance, be cited as one of the more crypto-friendly financial institutions in the US.

Clients of the bank have been barred from using its credit cards to purchase cryptocurrencies. Bank of America’s latest annual report references cryptocurrencies as a threat to its business model; apparently, it sees the way to combat this is as to get ahead of the game and monetize cryptocurrency use cases via patenting innovations such as the “tamper responsive” patent.

 

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