As acceptance and investments in cryptocurrencies grow, so do the hazards associated with cybercrime as criminals find new ways to defraud investors of their digital money. CoinLoan and other cryptocurrency platforms must pledge to provide security that is the best in the business. In order to protect investors and their loans, CoinLoan has teamed with Elliptic.
Cryware, a cyberthreat that steals information including wallet addresses, seed phrases, and patterns used for private keys from non-custodial wallets, is particularly dangerous to investors. Cryware substitutes a victim’s wallet address with an attacker’s using the clipping and switching technique. Once money has been transmitted, it is impossible to turn back the transaction.
CoinLoan is dedicated to being at the forefront of industry development, including cybersecurity, and shares a mission with Elliptic.
Elliptic is a market pioneer that offers blockchain analytics and risk management for cryptos:
Through its collaboration with Elliptic, CoinLoan is able to provide users with more guarantees about the security and safety of their digital assets. Additionally, this shows other platforms that CoinLoan complies fully with AML and KYC requirements, guaranteeing the speed and security of all transactions.
CoinLoan CEO Alex Faliushin 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.”
“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 crypto-asset transactions.”
Following CoinLoan’s own fraud detection team’s discovery and prevention of a potential significant hack of the Trezor wallet, brought on by a data breach at an email newsletter provider, this cooperation was announced. CoinLoan is continuing to establish cybersecurity and fraud prevention standards in the cryptocurrency market by thwarting this hack and working with Elliptic.