Majority Of The Addresses Victimized In Recent Bitcoin Scam Are From The US

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Elliptic is a company that enables many financial as well as cryptocurrency firms to combat the scams and risks on the Blockchain.
  • Elliptic’s co-founder and the chief scientist Tom Robinson had tweeted that the recent Bitcoin Twitter hacks traced using Elliptic’s software.
  • According to the data, the geographical headquarters of the addresses were mostly from Asia (53.1%), followed by North America (24.9%) and Europe (6.4%).

Elliptic is a company that enables many financial as well as cryptocurrency firms to combat the scams and risks on the Blockchain. It provides a variety of data analysis used to research the risks that have taken place over the year and are a global standard for anti-money laundering (AML) policies for cryptocurrency.

In the recent series of Twitter account hacking and the cryptocurrency scam, Elliptic’s co-founder and the chief scientist Tom Robinson had tweeted that the recent Bitcoin Twitter hacks traced using Elliptic’s software. 

The Mentioned Bitcoin Address Received Over 400 Payments

Recently, a chain of Twitter accounts top profile, as well as cryptocurrency platforms, were compromised. All these compromised Twitter accounts promoted a Bitcoin address with the message that whatever amount would send to the given address would be doubled and returned to the sender. In the lights of these events, Elliptic has released insights on the hacking and money laundering events. 

The Bitcoin mentioned above address had received almost over 400 payments, which amounted to a total of $121,000. The hackers chose to launder Bitcoin because BTC is the most accessible and used cryptocurrency. However, some messages also mentioned Ripple (XRP), but no payments received in XRP. 

Elliptic: Small Amount Of Addresses Are From Regulated Crypto Exchanges

Elliptic’s tracing capabilities have also deciphered the location of the funds victimized in this scam. According to the data, the geographical headquarters of the addresses were mostly from Asia ( 53.1%), followed by North America (24.9%) and Europe (6.4%). 

The largest payment generated amounted to $42,000 from a Japan-based exchange. Surprisingly, a very small amount of addresses involved in the payments were from known regulated cryptocurrency exchanges. Moreover, the wallets from which Bitcoin sent were only active from this year’s May. 

Elliptic Will Keep A Keen Watch Over The Hackers Activity

However, on the brighter side, Elliptic will be able to trace and keep a record of every move of the hackers. It will make laundering and cashing out the Bitcoin for the hackers difficult because they will always be under watch. The Elliptic team was able to quickly react and add the victimized BTC and XRP addresses to their dataset for further investigations.

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