Elliptic, a London-based blockchain analytic firm, has unveiled new software for blockchain analysis. The firm announced the development in a release on its official handle. Holistic Screening software is designed to simultaneously track crypto assets across all blockchains networks.
The new software brings a fresh perspective to crypto compliance and risk management. Holistic screening, as revealed, will allow businesses to acquire cross-chain compliance by providing automated risk insights instead of manual multi-asset investigations.
Holistic Screening will further allow crypto firms to screen and track every exploitation done on cross-chain bridges. This, as revealed, will be achieved through Elliptic’s APIs, which enable firms to monitor every transaction by customers without flouting any regulations. Additionally, the software enjoys the integration of upgraded smart contracts and cross-chain bridge tracing features to run efficiently.
Tom Robinson, Elliptic Co-founder, averred that the firm has continued to aid various crypto protocols in attaining their AML, CTF, and sanction compliance responsibilities. He noted that the approaches to blockchain analysis have evolved as crypto projects are no longer isolated systems. Robinson sees the industry as now a fraction of the enormous, interconnected crypto-economy.
Holistic Screening was sponsored by Nexus, a blockchain analytics engine of Elliptic. Nexus was invented about three years ago. It was created to programmatically and rapidly follow the flow of crypto assets across blockchain networks. It utilizes Elliptic proprietary data for each crypto asset and blockchain.
Also, the software incorporates them into a single financial network, which illustrates the whole crypto ecosystem. According to the Elliptic team, this paves the way for the compliance team to verify crypto transactions and wallets. It will also point out the threat, irrespective of the asset or blockchain.
Through its analytical solutions, Elliptic has continued to aid the battle against exploitations rocking the crypto space. However, its efforts are limited to creating software capable of tracking and identifying fraudulent transactions. It is now left to regulators and other law enforcement agencies to act by taming the perpetrators.
For instance, Elliptic recently issued an intelligence, indicting WarizX, an Indian-based crypto exchange, for money laundering. The Indian financial crime agency banked on the intelligence to commence a thorough investigation of the crypto exchange.
As of press time, the agency has frozen the assets of WazirX, accusing the firm of flouting numerous foreign exchange regulations. The assets were frozen from the exchange amount to 646.70 million rupees, equivalent to $8.16 million. As reported, the exchange aided some instant loan ventures to launder crime proceeds to its network.
The blockchain analytic firm also exposed how a cross-chain protocol, Ren-bridge, was used by hackers to launder $540 million from several wallets.
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