Blockchain
Elliptic Responds in Real-Time to Monitor Flow of Fraudulent Funds Following Twitter Security Breach
Elliptic, the global leader in cryptoasset risk management solutions, today issued a statement on their response to the Twitter cybersecurity breach which occurred on 15th July, 2020.
- The very nature of blockchain technology on which cryptocurrency operates makes the real-time tracing of fund flows highly traceable, thereby enabling effective anti-money laundering (AML) controls to prevent the bad actors from laundering funds. In this well-coordinated and sophisticated attack on high profile Twitter accounts, the perpetrators used cryptocurrency to monetize software exploits. These very transactions are now being tracked by Elliptic crypto compliance monitoring software to the final destination of funds.
- Elliptic‘s blockchain monitoring software has detected the flow of fraudulent funds associated with the Twitter security breach in real-time, enabling customers to automatically detect and act on suspicious activity passing through their platforms.
- Elliptic has identified that the compromised Twitter accounts are requesting crypto payments to a number of addresses – primarily in Bitcoin, but also XRP. Only the bitcoin addresses have been used so far, receiving 366 Bitcoin payments. The total value of the bitcoin payments received is approximately USD 120,000.
- Approximately half of these payments originated from US-based exchanges, suggesting that around half of the victims of this scam are based in the US. The remainder of payments is fairly evenly split between Asia and Europe.
- Customers using Elliptic’s crypto transaction monitoring and crypto wallet screening tools have been notified directly that the addresses associated with the fraudulent funds have been added to our crypto monitoring tools to help them detect flows to and from these addresses. This makes it difficult for the scammers to launder funds or cash out into fiat currencies.
- This is an ongoing situation as fund flows are followed through the blockchain and Elliptic continues to add any new addresses into its crypto monitoring tools as they become evident. Elliptic customers who have enabled the “Scam” risk rule will receive immediate alerts to action and prevent further flow of funds.
- The situation is changing rapidly, although it now appears unlikely that the perpetrators of the scam will receive significant additional payments. Their challenge now is to launder these funds – with the world watching them on the blockchain.
Elliptic spokespeople are available now for media comment and broadcast interviews at [email protected].
Customers are invited to contact their Elliptic Account Manager or Customer Success representative.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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