TL;DR
- Elliptic secured an investment from HSBC, cementing its position as the only blockchain analytics firm backed by four megabanks.
- The company launched Issuer Due Diligence and will use the capital to expand and strengthen its risk management tools for stablecoins and tokenized assets.
- Its 2025 crypto crime report revealed $21B in illicit activity, with growing use of DEXs and bridges.
Elliptic secured a strategic investment from HSBC, making it the only blockchain analytics firm backed by four globally systemic banks alongside JPMorgan Chase, Santander, and Wells Fargo. The British bank’s entry coincides with the appointment of Richard May, Head of Financial Crime for Corporate and Institutional Banking at HSBC, to the company’s board of directors.
A Bridge Between Blockchain and Banks
The firm, which provides blockchain compliance and monitoring solutions, will use the capital to accelerate its international expansion and enhance the development of tools to meet the growing demand for risk management in stablecoins, tokenized assets, and cross-chain transfers. Elliptic recently launched Issuer Due Diligence, a product that allows banks to assess stablecoin issuers and analyze wallet-related risks before holding reserves.
In the second quarter of 2025, Elliptic reported record highs in revenue and new customers, highlighting the pressure on financial institutions to adopt compliance solutions tailored to a market where digital asset operations are expanding. Backing from HSBC and three other megabanks gives it clear legitimacy as a trusted provider in a sector increasingly monitored by regulators.
The Platforms Most Targeted, According to Elliptic
The company also released its 2025 crypto crime report, which showed illicit activity across blockchains tripled from the previous year, reaching $21 billion. The data indicates that criminal groups are increasingly turning to DEXs, bridges, and swaps to move funds covertly, with one-third of fraudulent operations involving at least three different networks. The Lazarus Group, linked to North Korea, is among the state-backed actors identified.
Elliptic has worked with regulators on cases that have reverberated across the industry, including the shutdown of the Garantex exchange, and warns of emerging risks tied to memecoins. Among them, it highlighted the $LIBRA rug pull, which raised millions of dollars after a tweet from Argentine President Javier Milei.
With the ability to trace transactions across 55 blockchains and more than 300 bridges, the company has established itself as a partner for banks and government agencies in real-time investigations of fraud and illicit financing
