Elliptic, Internet Watch Foundation Team Up to Combat Crypto Financing of Child Abuse Material
Elliptic has joined the Internet Watch Foundation (IWF) to combat the financing of child sexual abuse material (CSAM) through cryptocurrency. This partnership allows Elliptic access to IWF’s services, including real-time alerts on cryptocurrency transactions linked to CSAM purchases. The IWF’s Annual Data & Insights Report 2024 indicates that 60.87% of CSAM websites accept cryptocurrencies, highlighting their prevalence in illegal transactions. The number of such sites has increased, with a report noting a doubling trend since 2015. Elliptic aims to enhance its blockchain intelligence platform to disrupt CSAM financing and actively participates in discussions on payment system exploitation. The rise of privacy coins like Monero complicates tracking illicit crypto flows, necessitating advanced solutions for detection. The IWF plans to expand its membership within the blockchain and crypto sectors to further disrupt CSAM commercialization.
