Elliptic sets data for Anti-money laundering in Bitcoin with AI

Elliptic, a company specializing in blockchain forensics, has made significant strides in utilizing Artificial Intelligence (AI) to expose instances of money laundering using Bitcoin. 

Elliptic Harnessing the power of AI

Elliptic revealed that it has successfully used a deep learning model to spot proceeds of crime deposited at a crypto exchange, detect new money laundering transaction patterns, and uncover previously unknown illicit wallets. To test the effectiveness of the enhanced tools, a dataset with over 200 million transactions was examined. 

The firm even published a research paper on this topic, collaborating with researchers from the MIT-IBM Watson AI Lab. Elliptic has become the top player in the blockchain analytics field with products that are based on a special dataset built over the past ten years. 

It is interesting to note that the firm announced the introduction of ChatGPT, a large language model (LLM) that has the potential to detect risks that other researchers may not be able to identify. 

Elliptic cracking down shady dealings

Elliptic has been on top of the blockchain intelligence game. It recently sniffed out about 400 crypto services that enable anonymous users to trade cryptocurrencies for rubles. 

The firm discovered millions in sanctioned crypto wallets with more than 15 million crypto addresses connected to illegal activity associated with Russia.

The company is making a difference in the fight against financial misconduct around the world. It is actively involved with the US authorities in uncovering crypto wallets connected to sanctioned officials. It is also tracking influential individuals and stories behind crypto-based terrorism funding.

Cybercrime is very rampant in the blockchain ecosystem. Research revealed by the firm showed that in the past two years, criminals and bad actors have managed to launder a whopping $4 billion. This laundering comes through decentralized exchanges (DEXs), cross-chain bridges, and ‘coin swap’ services. 

Ultimately, Elliptic is poised to take the lead in stemming this encrypted fraud schemes in the near future.