CoinLoan, which claims to be the only EU-licensed provider of crypto-loan products, has announced a partnership with Elliptic, the global “leader” in crypto-asset risk management.
As adoption and investment into crypto continues to increase, “so does the risk of cybercrime.”
The range of crypto-assets and currencies is growing daily and with cybercriminals becoming smarter and devising new schemes to strip investors of their digital assets, “it is imperative that crypto platforms such as CoinLoan provide users with industry-leading security.”
For this reason, CoinLoan has partnered with Elliptic, “giving its users increased peace of mind that their loans and investments are safe from scammers.”
The latest and biggest threat to crypto investors “is from information stealers called cryware.”
Cryware exfiltrates data from noncustodial wallets “which contain patterns used for private keys, seed phrases, or wallet addresses.”
It uses a technique known as clipping and switching in which “the cryware replaces the victim’s copied wallet address with the attacker’s address.”
Once the funds have been transferred “there is nothing the victim can do to reverse the transaction.” As the only EU-licensed lending platform, CoinLoan “prides itself on being at the cutting edge of industry developments, and cybersecurity is no exception, a mission that is shared with Elliptic.”
Elliptic is a “widely used, standard-setting” crypto-asset risk management and blockchain analytics firm:
- 66% of all crypto volume runs through exchanges using Elliptic, covering over 98% of the global trading volume.
- It provides actionable insights for 500+ cryptoassets and 100 billion+ data points.
- Its rich API programmatically alerts companies of funds and addresses involved in different types of fraud.
- Any suspicious transactions are marked for manual processing and investigation.
CoinLoan’s partnership with Elliptic will “provide users with further confidence in the security of their digital assets and safe withdrawals, as well as signaling to other platforms that CoinLoan is a fully compliant business with the highest standards of AML and KYC compliance, making transactions run smoothly, quickly, and safely.”
Alex Faliushin, CEO of CoinLoan, said:
“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.”
Tom Robinson, Chief Scientist at Elliptic, added:
“Elliptic and CoinLoan share a commitment to building a safer ecosystem for crypto transactions. By leveraging Elliptic’s solutions, CoinLoan ensures thorough monitoring of the broad range of cryptoasset transactions.”
The announcement of this partnership “comes on the heels of CoinLoan’s own fraud detection team catching and putting a stop to what could have been a massive hack of the Trezor wallet, caused by a data breach at a popular email newsletter service.”
Both the prevention of this hack and CoinLoan’s new relationship with Elliptic “reinforce the company’s ongoing mission to redefine the standards of cybersecurity and fraud prevention for the crypto industry.”