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- The elliptical starts up Holistic screening – enabling, for the first time, proceeds of crime to be automatically tracked across and between all blockchains and cryptoassets simultaneously, to provide a holistic view of risk.
- Holistic screening provides new capabilities such as multi-asset verification, cross-asset tracking and cross-chain tracking – revealing risk that first-generation blockchain analytics cannot detect.
- Holistic Screening is powered by Nexus, Elliptic’s new blockchain analytics engine, which enables complex, manual cross-chain research to be replaced with API calls and automated risk assessment – leading to greater efficiency within blockchain compliance teams.
Elliptic pioneered crypto compliance in 2015 with the launch of Elliptic AML, the world’s first Bitcoin transaction verification tool. It eliminated the complexity of blockchain analytics by providing compliance professionals with a single, actionable risk assessment. Since then, we have expanded our offering, providing a comprehensive suite of cryptocurrency compliance solutions with the broadest cryptoasset and blockchain coverage available on the market.
But the way cryptoassets are used has changed dramatically in recent years. Individual cryptoassets and blockchains are no longer isolated systems, but have become part of a larger, interconnected crypto-economy.
This has been accelerated by new technologies such as decentralized exchanges and cross-bridges, which have removed many barriers between assets, allowing capital to flow freely and making cryptocurrencies more useful and valuable.
In addition to being a force for good, this interconnectedness is being exploited for criminal purposes. As revealed in the new Elliptic research published todayhundreds of millions of dollars in cryptoassets from ransomware and North Korean cyber activity are being moved through cross-bridges.
Decentralized exchanges are being exploited to avoid seizure of billions of dollars in stolen property, and “coinswap” services in Russia and elsewhere are being used to launder money and evade sanctions.
To combat this “multi-chain crime,” Elliptic has developed the next generation of blockchain analytics – known as Holistic Screening – which enables the tracking of cryptoassets across and between all blockchains and assets simultaneously. This is done automatically and in milliseconds through our APIs, enabling businesses to view user activity at scale and drive efficient and effective compliance.
Holistic screening goes far beyond the current “cross-platform” analytics solutions available today and includes additional key capabilities:
- Screening of multiple assets
When considering the risk profile of a crypto wallet, all its transactions are analyzed, regardless of the cryptoasset.
- Cross asset tracking
When tracking asset flows to determine their ultimate source or destination, they continue to be tracked even when assets change within the same blockchain—for example, when a decentralized exchange is used to exchange one asset for another.
- Cross chain tracking
Fund flows are monitored even when they “jump” between chains – for example through cross-bridges.
Holistic Screening is powered by Nexus, our new block analysis engine. Nexus was developed over the last three years specifically to solve the problem of how to automatically and quickly track cryptoasset flows across and between all assets and the blockchain.
The first generation of blockchain analytics treats each cryptoasset and blockchain as a separate silo – even though they are all part of the same financial system and the proceeds of crime move freely between them. Time-consuming manual research was necessary to bridge the resulting capability gaps.
Nexus takes our industry-leading data for every cryptoasset and blockchain and merges it into a single financial network, representing the entire cryptoasset ecosystem. This provides a single view of value streams across all major blockchains and cryptoassets – comprising hundreds of billions of data points collected over the past decade.
Elliptic’s solutions now enable cross-chain compliance at scale. Holistic screening eliminates the need for manual cross-chain research, instead providing actionable risk assessments at the click of a button.
For more insights into multi-chain crime and how to manage risk, visit our dedicated Holistic Screening page.
