Elliptic Introduces ChatGPT to Speed Up Risk Detection

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According to a statement made on June 1st, blockchain security and analytics startup Elliptic has announced the introduction of the ChatGPT, a large language model (LLM), to its off-chain intelligence and research acquiring operations. This comes under the company’s efforts to increase the accuracy as well as the speed of detecting new risks.

New Risks to be Identified

Jackson Hull, Elliptic’s chief technology officer (CTO) noted that ChatGPT’s introduction has a potential to identify risks that other researchers may not have been able to identify. He said: ”Our customers come to us to know exactly their risk exposure. Integrating ChatGPT allows us to scale up our intelligence, giving our customers a view on risk they can’t get anywhere else.”

Referring to the LLM’s inclusion, CEO Simone Maini comments that he prides in “being on the forefront of blockchain innovation, and incorporating cutting-edge technologies to enhance how we work without compromising the high standards for which we are known is part of our DNA.”

Elliptic’s New Development Carries High Potential

It is important to look at the fact that Elliptic emerged as the leader of the blockchain analytics sector whose products make use of a proprietary dataset with more than ten years’ worth of data. As a result, this recent development can generate one of the most comprehensive coverage in the sector, accounting for over 97% of all cryptocurrency transactions measured by trading volume, as well as the biggest global database of risk profiles for cryptocurrency exchanges. 

Interestingly, a study released in October by Elliptic revealed that bad actors and criminals have exploited decentralized exchanges (DEXs), cross-chain bridges, and ‘coin swap’ services to launder more than $4 billion obtained from illegal cryptocurrency operations over the past two years. The analytics firm also discovered a wallet with “significant crypto-asset holdings” worth millions of dollars in March of last year, which was connected to the sanctioned Russian individual or organization, as TheCoinRise reported.

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