๐จ ๐๐น๐น๐ถ๐ฝ๐๐ถ๐ฐ ๐ง๐ฒ๐ฎ๐บ๐ ๐จ๐ฝ ๐ง๐ผ ๐ง๐ฟ๐ฎ๐ฐ๐ธ ๐๐ฟ๐๐ฝ๐๐ผ ๐ง๐ฟ๐ฎ๐ป๐๐ฎ๐ฐ๐๐ถ๐ผ๐ป๐ ๐ง๐ต๐ฎ๐ ๐๐๐ป๐ฑ ๐๐ต๐ถ๐น๐ฑ ๐๐ฏ๐๐๐ฒ
Blockchain security firm Elliptic has officially joined hands with the Internet Watch Foundation (IWF) to stop the use of cryptocurrencies for funding child sexual abuse material (CSAM).
๐ธ Why this matters:
According to IWF, over 60% of child abuse websites with visible payment options now accept crypto, with some even switching to privacy coins like Monero to hide the transactions.
๐ธ How Elliptic is helping:
Elliptic will now receive real-time alerts from IWF, including wallet addresses and crypto transactions linked to CSAM sites. This will help crypto platforms and exchanges block or report illegal activities faster.
๐ธ Challenges with privacy coins:
Some of these abuse websites are now using untraceable coins like Monero, but Elliptic says they are still able to track many transactions because most of the money still flows through traceable assets like Bitcoin or USDT.
๐ธ Growing concern:
A recent U.S. report called crypto the "payment of choice" for these crimes. And the number of crypto-accepting abuse websites has grown nearly every year since 2015.
๐ธ Industry action needed:
Elliptic isnโt the only firm involvedโChainalysis also works with IWF. The goal is clear: shut down payment networks that fund abuse, and make the crypto space safer for all users.
๐ง Takeaway:
Crypto can be used for good or bad. This partnership shows how security firms and nonprofits can work together to stop serious crimes and protect people online.