Blockchain data analytics firm Elementus raises $3.5M in new funding

Blockchain data analytics firm Elementus, which helps companies spot illegal transactions made with cryptocurrency, has raised $3.5 million in a new funding round.

The round was led by Morgan Creek Digital, with participation from Avon Ventures, Stage 1 Ventures and Robot Ventures, among others. Elementus cofounder Mike Kalomeni was quoted as saying that Elementus is currently working with law enforcement agencies, and hopes to expand clients.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

“We came up with algorithms that let us know exactly the provenance of the funds, to an infinite number of [transaction] hops, automatically,” Kalomeni added.

For instance, Elementus recently came up with a report, which showed that Huobi was by far the most used exchange for withdrawals from alleged cryptocurrency Ponzi scheme PlusToken, which has reportedly swindled over $2 billion from participants.

The blockchain analytics space is growing. Earlier this month Elliptic raised $23 million in Series B funding to expand into Japan and Singapore. CipherTrace, on the other hand, recently raised $15 million, while Chainalysis closed a $30 million Series B round.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.