CoinLoan Teams up With Elliptic to Enhance Crypto Security for Users
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Loading... - Quentin Kloet
- 23 Jun 2022
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CoinLoan, the only EU-licensed crypto lending platform, has announced a partnership with Elliptic, a global leader in crypto asset risk management solutions.
With cryptocurrency investments and adoption on the rise, cybercrime risks are also increasing as cybercriminals come up with new ways to scam investors out of their digital assets. That is why cryptocurrency platforms like CoinLoan must commit to offering industry-leading security. Therefore, CoinLoan has partnered with Elliptic to safeguard investors and their loans.
In particular, investors are most vulnerable to a cyber threat known as cryware, which steals data containing patterns used for private keys, seed phrases, and wallet addresses from non-custodial wallets. Using the clipping and switching method, cryware replaces a victim’s wallet address with an attacker’s. Once funds are transferred, reversing the transaction is not possible. CoinLoan, which has a shared mission with Elliptic, is committed to being at the forefront of industry development, including cybersecurity.
Elliptic is an industry-leading organization that provides blockchain analytics and risk management for crypto assets:
- 66 percent of crypto exchange trading volume goes through Elliptic’s blockchain monitoring, which has coverage of 98% of the crypto market, by far the largest of all blockchain analytics providers.
- It provides actionable risk insight into 100 billion+ data points across 500+ crypto assets.
- The system alerts businesses to funds and addresses that are involved in different types of fraud through its rich API.
- Any suspicious transaction is investigated and processed manually.
CoinLoan’s partnership with Elliptic allows it to offer greater assurances regarding the security and safety of users’ digital assets. Furthermore, this signals to other platforms that CoinLoan fully complies with AML and KYC standards, ensuring that all transactions are conducted efficiently and securely.
“We started this company in 2017 with a dream to build the safest crypto lending and exchange platform possible. Playing by the rules from day one has allowed us to offer convenient fiat gateways and give users peace of mind. As we have grown as a company, our commitment to this original goal remains, and bringing Elliptic in as our partner will ensure that our clients — the people we are the most committed to — feel secure and supported by CoinLoan,” CoinLoan CEO Alex Faliushin said.
“Elliptic and CoinLoan share a commitment to building a safer ecosystem for crypto transactions,” Tom Robinson, Chief Scientist at Elliptic, said. “By leveraging Elliptic’s solutions, CoinLoan ensures thorough monitoring of the broad range of cryptoasset transactions.”
The announcement of this partnership follows CoinLoan’s own fraud detection team spotting and stopping a potential massive hack of the Trezor wallet, caused by a data breach at an email newsletter service. By preventing this hack and partnering with Elliptic, CoinLoan is continuing to redefine cybersecurity and fraud prevention standards in the crypto space. Read More...
