With the rise of investment in and adoption of cryptocurrencies, the risks of cybercrime also increase as cybercriminals come up with new ways to swindle investors of their digital assets. This is why cryptocurrency platforms like CoinLoan must offer the best security in the industry. Therefore, CoinLoan is partnering with Elliptic to protect investors and their loans.
In particular, investors are most vulnerable to a cyber threat known as crooked software that steals data containing patterns used for private keys, seed phrases and wallet addresses from non-custodial wallets. Using the cut-and-switch method, cryware replaces the victim’s wallet address with the attacker’s. After the transfer of funds, it is impossible to cancel the transaction. CoinLoan, which shares a mission with Elliptic, aims to be at the forefront of industry development, including cybersecurity.
Elliptic is an industry-leading organization providing blockchain analytics and risk management for crypto assets:
- 66 percent of trading volume on crypto exchanges goes through Elliptic blockchain monitoring, which covers 98% of the crypto market, which is by far the largest of all blockchain analytics providers.
- It provides actionable risk information for over 100 billion data points across over 500 crypto assets.
- The system notifies businesses of funds and addresses that are involved in various types of fraud through its rich API.
- Any suspicious transaction is investigated and processed manually.
CoinLoan’s partnership with Elliptic allows it to offer more guarantees regarding the safety and security of users’ digital assets. In addition, it signals to other platforms that CoinLoan is fully AML and KYC compliant, ensuring that all transactions are carried out efficiently and securely.
“We founded this company in 2017 with the dream of creating the most secure platform for lending and exchanging cryptocurrencies. 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 as our partner ensures that our clients – the people we are most committed to – feel safe and supported by CoinLoan.” , — CoinLoan CEO Alex Falyushin. said.
“Elliptic and CoinLoan share a commitment to building a more secure ecosystem for cryptocurrency transactions,” said Tom Robinson, Chief Scientist at Elliptic. “Using Elliptic solutions, CoinLoan provides close monitoring of a wide range of crypto asset transactions.”
The announcement of this partnership follows CoinLoan’s own fraud detection team to discover and stop a potential massive Trezor wallet hack caused by a data breach on an email newsletter service. By stopping this hack and partnering with Elliptic, CoinLoan continues to redefine cybersecurity and fraud prevention standards in the crypto space.
John Norris / Emma Dodds
Email: [email protected]
Tel: +44 (0) 20 7250 4770
CoinLoan is an EU licensed crypto business that started as a project in 2017. Its platform offers instant loans against crypto assets, an interest-bearing account in crypto, and a crypto exchange. These services are provided to both individuals and legal entities, with the exceptions provided for by applicable law. We provide our clients with the highest security standards and asset insurance, allowing both corporate and private clients to enjoy the highest level of protection.
Its highly competitive loan and APY rates, transparent pricing, and 24/7 customer support have resulted in high levels of customer retention and satisfaction. The CoinLoan platform allows you to exchange and manage a vast and growing range of cryptocurrencies, including native tokens and fiat currencies.
The company is focused on continuous innovation through cutting-edge technology and partnerships, offering customers continuous improvements and opportunities in the crypto world.
For more information please visit us at https://coinloan.io/.
Elliptic is a global leader in crypto asset risk management for crypto businesses and financial institutions around the world. Recognized as WEF Technology Pioneer Backed by investors such as JP Morgan, Wells Fargo Strategic Capital, SBI Group and Santander Innoventures, Elliptic has assessed multi-trillion-dollar transaction risks, uncovering money laundering, terrorist fundraising, fraud and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore and Tokyo. To find out more visit www.elliptic.com and follow us LinkedIn as well as Twitter.
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Credit : news.bitcoin.com