XRP Forensics, a spin-off XRP data aggregator xrplorer that is meant to prevent fraud in the community, has called out controversial exchange HitBTC for failing to stop an illicit transfer.
Sometimes we just give up when we monitor money laundering. Some VASPs simply don't care.
XRP Urgent Alert Issued, Critical SHIB Price Level Revealed to Bulls, Solana Volume Rockets 40% Amid Golden Cross Setup — Crypto News DigestCrypto Market Prediction: This Is What Saves XRP From Crashing to Zero, Three Ethereum Levels to Watch After $3,000, Is Shiba Inu Bull Market Bounce Starting Now?Morning Crypto Report: New XRP Pair Goes Live on Binance, Shiba Inu (SHIB) Scores New Coinbase Listing, Cardano Creator Highlights 'New ADA' Top 100 AchievementRipple Exec Reveals Ambitious Plans for RLUSD
In its reply, HitBTC claims that any suspicious activity has to be reported to their support service. However, the XRP Forensics team has recalled numerous such reports that were left unnoticed.
Meanwhile, there has been a steep uptick in the number of deposits from flagged accounts in the past few days.
HitBTC—which was founded in a distant 2013—remains one of the shadiest exchanges in the cryptocurrency industry. On top of having an anonymous team, it is also yet to conduct a single audit. This level of secrecy has led to many accusations, with CipherBlade's lead investigator, Richard Sanders, alleging that it is an insolvent and fraudulent entity.
Last week, XRP Forensics also noted that U.S.-based Bittrex exchange was "unable" to seize 1,150,000 XRP (roughly $393,000) from a known phishing scam.
Bad actors were able to steal all these tokens with a fake version of the legitimate Ledger website.
In its August review of virtual asset service providers, the Financial Action Task Force (FATF) concluded that they were still struggling to comply with AML standards.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team