Giant Hong Kong-based cryptocurrency exchange has just been alleged of being one of the havens for crypto scammers in the year 2020.
According to Xplorer.com Forensic, HitBTC is among the platforms used for executing XRP-related illicit transactions in the month of May and June.
The forensic team of xplorer, known for tracking all illegal activities on the XRP Ledger, said any traders buying XRP from HitBTC exchange in the month of May or June, may be trading with thieves or scammers.
Xplorer.com Forensic alleged that not less than 5% of the XRP transactions performed on HitBTC in the month of May and June were illicit funds.
Approximately 340,000 USD, which is equivalent to 5-5.5% of HitBTC trades in the month of May and June, can be traced to thieves or scammers. Hence, there is 5% chance any one trading XRP on the platform in the month of May or June, is relating with scammers, Xplorer Forensic noted.
80,000 USD Worth of XRP Transaction on ChangeNow in May and June Can Be Traced to Scammers
Similarly, the forensic team also gave a report of illicit XRP transactions performed on ChangeNow crypto exchange.
Xplorer.com Forensic tracked 80,000 USD XRP transactions in the month of May and June to ChangeNow exchange. The tracking platform claimed that this account for 2 to 2.5% of XRP transactions performed on the exchange within the said period.
Hence, there is about 2% chance users are trading with scammers if they bought XRP on ChangeNow between May and June.
However, the forensic team urged exchanges within the crypto industry to be vigilant enough in clamping down on illicit transactions to be able to curb the activities of scammers.
Urging the exchanges to up their game, Xplorer added that they are either a part of the group proffering solution or be among those adding to the problems of the crypto industry.
Ripple’s Partner MoneyGram Sees 100% Transaction Growth
Compared to May 2019, Ripple’s partner MoneyGram, a giant worldwide money transfer company, saw 100% growth in the number of transactions it executed last month. This can be related to its partnership with Ripple which made the global remittance company go digital further.
Since MoneyGram signed a deal with Ripple in June 2019, the P2P international payments and money transfers company has been seeing a significant surge in the number of executed transactions.
In Q1 2020, MoneyGram recorded 57% increase in its digital transactions. Alex Holmes, the CEO of MoneyGram, said the growth in the company’s digital transactions in the month of May was quite remarkable.