The rapid growth of cryptocurrency investments and adoption is paralleled by a surge in cybercrime risks as hackers develop new ways to defraud investors. Since CoinLoan is dedicated to providing world-class security, it partnered with Elliptic to offer its users this assurance so that they can feel confident about their loans and investments.
Criminals have created information stealers known as cryware that targets patterns for private keys, seed phrases, and wallet addresses from noncustodial wallets. Cryware replaces the wallet address of the victim with the attacker’s address through clipping and switching and makes it impossible to reverse the transaction once funds are transferred. CoinLoan and Elliptic share a similar goal of standing out as industry innovators, including in cybersecurity.
Elliptic is the industry’s number-one provider of blockchain analytics and risk management solutions for digital assets. The following reasons set it apart:
- Elliptic’s blockchain monitoring tracks 66% of crypto exchange trading volume. This covers 98% of all crypto trading.
- 100 billion+ data points are analyzed across 500+ cryptoassets to provide actionable risk insights.
- Through its API, the system alerts businesses to funds and addresses involved in various types of fraud.
- The tool investigates every suspicious transaction and processes it manually.
Through its alliance with Elliptic, CoinLoan is able to ensure greater safety and security for users’ cryptoassets. Additionally, this cooperation signals to other platforms that CoinLoan fully adheres to AML and KYC guidelines, ensuring that all transactions are safe, efficient, and secure.
“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,” Alex Faliushin, CEO of CoinLoan, said.
“Elliptic and CoinLoan share a commitment to building a safer ecosystem for crypto transactions,” said Tom Robinson, Elliptic’s Chief Scientist. “By leveraging Elliptic’s solutions, CoinLoan ensures thorough monitoring of the broad range of cryptoasset transactions.”
The news of this partnership comes shortly after CoinLoan’s own fraud detection team caught and prevented a massive hack of the Trezor wallet due to a data breach at a popular email newsletter service. CoinLoan’s proactive response to cyber threats and its partnership with Elliptic both underscore CoinLoan’s commitment to countering fraud and securing crypto assets.
John Norris / Emma Dodds
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 cryptoassets, Interest Account in crypto, and Crypto Exchange. These services are rendered both to individuals and corporate entities with the exceptions as required by the applicable laws. We provide our clients with the highest security standards and insurance on assets, allowing both corporate and private customers to benefit from the highest levels of protection.
Its highly-competitive loan and APY rates, transparent pricing, and 24/7 human customer support service have resulted in high customer retention and satisfaction. CoinLoan’s platform allows swapping and managing a comprehensive and growing range of cryptocurrencies, including its native token and fiat currencies.
The company is focused on continuous innovation through state-of-the-art technology and partnerships, bringing customers constant improvements and possibilities within the crypto world.
For more information, please visit us at https://coinloan.io/.
Elliptic is the global leader in cryptoasset risk management for crypto businesses and financial institutions worldwide. Recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. To learn more, visit www.elliptic.co and follow us on LinkedIn and Twitter.