Report: $400 Million Worth of XRP Is Involved In Illicit Activities, That’s 30% Of Ripple Market Cap
Around $400 million worth of XRP tokens may be involved in illegal transactions. XRP is the Ripple payment network’s cryptocurrency.
The findings were released by the London’s Elliptic on Wednesday. Elliptic provides risk management assessments in the crypto space. $400 million worth of XRP represents around 30% of the currency’s market of $1.35 billion.
XRP is being used as a token for settlements and payments. The numbers are based in what the coinmarketcap has provided.
Elliptic to Launch Monitoring System for XRP
Elliptic has also announced that it’s going to launch the first transaction monitoring system for XRP. The company has over 85% of the valued crypto assets. In August, the US-based blockchain forensics firm CipherTrace has released a report saying that only this year, over $4.3 billion in cryptocurrency have been involved in fraud and scams.
Co-Founder and Chief Scientist at Elliptic Says the Company is Focusing on Cryptocurrency Scams
Tim Robinson, the co-founder and chief scientist at Elliptic has said in an interview given to Reuters that his company has a London team scouting the dark web for cryptocurrency and XRP. He also added the illegal activities were mostly thefts and Ponzi scams, not so much sales of credit cards’ information. Robinson said,
“When we decided to add another asset, that is primarily due to client demand which itself is driven by the market cap of the currency and also its exchange volume,”
“So XRP was an obvious one that we just add.”
Cryptocurrency Crime on the Rise
The more cryptocurrencies have grown in popularity, the more crime in the industry has increased and reached billions of dollars. Investigators all over the world are focusing more on money laundering hubs in the virtual space.
The research released by Elliptic doesn’t show too much activity in the dark market for the XRP as the tokens are mainly a settlement and payment tool.