On June 22, 2022, CoinLoan, the only EU-licensed crypto lending platform, announced a strategic partnership with Elliptic, a global leader in cryptoasset risk management. The collaboration aims to strengthen security measures amid rising cryptocurrency adoption and increasingly sophisticated cybercrime.
Cryware Threat on the Rise
Investors are particularly vulnerable to cryware, a type of malware that steals private keys and seed phrases from non-custodial wallets. Using a “clipping and switching” method, cryware replaces a victim’s wallet address with an attacker’s, making transactions irreversible. CoinLoan’s partnership with Elliptic enables real-time detection of such fraudulent patterns.
Elliptic’s Market-Leading Analytics
Elliptic monitors 66% of crypto exchange trading volume and covers 98% of the crypto market with over 100 billion data points across 500+ assets. Its API flags suspicious addresses and transactions, which are then investigated manually. By leveraging Elliptic’s platform, CoinLoan ensures full compliance with AML and KYC standards while safeguarding digital assets.
Executive Insights on Security Commitment
CoinLoan CEO Alex Faliushin stated: “We started in 2017 with a dream to build the safest crypto lending platform. Partnering with Elliptic reinforces our commitment to user protection.” Elliptic Chief Scientist Tom Robinson added: “Elliptic and CoinLoan share a commitment to building a safer ecosystem. Our solutions enable thorough monitoring of crypto transactions.”
Proactive Defense: Previous Trezor Wallet Incident
Prior to this announcement, CoinLoan’s fraud detection team prevented a potential massive hack of the Trezor wallet, caused by a data breach at an email newsletter service. This track record underscores CoinLoan’s dedication to redefining cybersecurity and fraud prevention in crypto.
About CoinLoan: Founded in 2017 and EU-licensed, the platform offers instant loans against crypto, interest accounts, and an exchange. It features competitive APY rates, 24/7 human support, and insured assets. About Elliptic: Backed by J.P. Morgan, Wells Fargo, and Santander, Elliptic has assessed transactions worth trillions of dollars, covering money laundering, terrorist financing, and fraud.