Fighting the Dark Side of Bitcoin

Note from the Publisher:  Bitcoin is such an interesting topic. It has so many implications socially and monetarily, both positive and negative.  The following news release from Eliptic and Internet Watch Foundation outlines a new collaboration to fight against one use of the crypto-currency for unsavory purposes – procurement of online child sex abuse images.  We applaud the effort. 

LONDON & NEW YORK–(BUSINESS WIRE)–Blockchain intelligence firm Elliptic and non-profit the Internet Watch Foundation (IWF) today announced a partnership to clamp down on Bitcoin’s role in procuring child sex abuse images.

The IWF, which is dedicated to eliminating child sexual abuse content worldwide, has provided its database of Bitcoin addresses associated with child sexual abuse content to Elliptic. Elliptic will integrate this unique data set into its transaction monitoring and investigation products, and will automatically alert financial institutions and law enforcement clients to proceeds of this illicit content. Elliptic works with the largest US and European Bitcoin exchanges and payment processors, and provides key evidence to federal agencies in the US and Europe for major investigations involving Bitcoin – so is uniquely placed to take action.

The IWF has identified more than 68,000 URLs containing child sexual abuse images, and Unicef Malaysia estimates two million children across the globe are affected by sexual exploitation every year.

Susie Hargreaves, IWF CEO, said, “Over the past few years, we have seen an increasing amount of Bitcoin activity connected to purchasing child sexual abuse material online. Our new partnership with Elliptic is imperative to helping us tackle this criminal use of Bitcoin.”

Read Full Press Release at BusinessWire