Analytics Firm Elliptic Releases Tool to Track Anonymous Transactions on Litecoin Network

Analytics firm Elliptic has recently added to its platform some tools that allow users to track transactions on the Litecoin blockchain after the activation of the MimbleWimble Extension Block (MWEB) update last week.

The MWEB update uses several technologies, including confidential transactions and CoinJoin, which hides the inputs and outputs of senders and receivers, and combines many transactions into one.

Per the press release made public by the company:

“This is a problem for companies involved in transactions with LTC. They must comply with anti-money laundering regulations or prevent circumvention of sanctions. The information about the senders and recipients of transfers is used by such entities to assess risks.”

Bithumb and Upbit have previously warned they might consider the delisting of Litecoin after the activation of MWEB because according to the South Korean legislation, under which both exchanges operate, they must implement measures to combat money laundering and terrorist financing.