IWF and blockchain company Elliptic team up to end illegal Bitcoin transactions

Elliptic, a UK-based startup that monitors bitcoin transactions, raised $5 million in funding from prominent venture capital firms and angel investors in March. The Internet Watch Foundation (IWF) recently announced a partnership with Elliptic to combat child online sexual abuse.

IWF provided Elliptic with a group of Bitcoin addresses that were suspected of spreading sexual assault materials. Elliptic is responsible for monitoring these addresses. When illegal transactions occur, Elliptic will immediately notify local law enforcement agencies and financial institutions involved in the movement of funds.

IWF CEO Susie Hargreaves said that through their investigation, they found that more and more people were using Bitcoin for cybercrime, especially the spread of child sexual abuse materials online, which led to this cooperation.

In addition, Mark Birch, former head of the regional crime unit, believes that this cooperation has a positive impact on the development of Bitcoin and the community. The cooperation between Elliptic and IWF is an important step in the development of Bitcoin. Elliptic has demonstrated its determination to combat illegal Bitcoin transactions to banks, law enforcement agencies and the public.