XRP transaction analysis: illegal transactions of 400 million US dollars, accounting for only 0.2% of the total

According to a survey released by Elliptic, a London-based cryptocurrency industry risk management system provider, on Wednesday, about $400 million of the XRP tokens used by the Ripple payment network are related to illegal transactions – mainly Ponzi schemes and exchange theft.

According to data from coinmarketcap.com, the current market value of the token XRP for payment and settlement is approximately $10.98 billion.


Elliptic's chief scientist and co-founder Tom Robinson said the company's $400 million illegal XRP transaction was less than 0.2% of XRP's total trading volume.

In contrast, a previous study by Elliptic showed that dark-net transactions account for about 0.5% of all bitcoin transactions, Robinson said.

Robinson said:

"The types of activities they find are mainly fraud, such as Ponzi schemes, theft. A small amount of XRP illegal activity is related to the sale of credit card information."

Elliptic began analyzing XRP a year ago and found hundreds of XRP accounts related to illegal activities.

“With the development of criminal use of cryptographic assets like XRP, we are committed to exposing this illegal activity and giving financial institutions the confidence to participate in the password ecosystem. XRP is increasingly favored by financial institutions and banks in the Asia Pacific region.”

Elliptic's research also showed that the company did not find "a lot of black market activity" in XRP because the image of the token is a tool for payment and settlement.

“XRP is touted as a tool for financial institutions, and criminals may not want to use it with any relevant mechanism.”

Robinson added that criminals generally prefer to use bitcoin because of greater liquidity.

“XRP is also more central to other cryptographic assets and may be more closely linked to traditional finances – which may make it less attractive to illegal actors, who may prefer decentralized and “neutral” things.”

With the popularity and use of cryptocurrencies, crime in this area has soared to billions of dollars. Global investigators have been fighting money laundering.

Recently, blockchain analysis firm Chainalysis issued an alert for suspicious transactions in 15 mainstream cryptocurrencies. The tool is designed to help cryptocurrency exchanges and other financial institutions reduce regulatory and reputational risks.

While cryptocurrency companies often guarantee system security by rewarding white hat hackers reporting system vulnerabilities, some industry members, including John McAfe, believe that agencies should not require cryptocurrencies and trading platforms to help them block digital currency. In illegal activities.