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.
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 crypto assets, 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.
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