Elliptic integrates ChatGPT for crypto risk detection

Crypto risk management firm Elliptic has integrated ChatGPT to increase its accuracy and speed in detecting crypto threats – a move that comes amid reports of mixed results in other crypto firms’ implementations.

Elliptic Crypto Assets provides blockchain analytics for compliance and assesses risks associated with crypto wallets, virtual asset service providers, and crypto transactions.

as of June 1 statementElliptic will use ChatGPT in its off-chain intelligence and research operations to discover new risk factors in a “completely new way.”

We are excited to announce the integration of ChatGPT into our off-chain intelligence and research gathering efforts.
Read the full press release herehttps://t.co/YV5BYPCjW2#Correct #chatgpt #blockchain

— Elliptical (@Elliptical) June 2, 2023

It was noted that the primary reason for integrating ChatGPT was to improve accuracy and scalability. Elliptic believes this will allow researchers and investigators to tackle these new risk factors “in greater volume and at a faster pace than ever before.”

Jackson Hull, CTO of Elliptic, said that its implementation will help uncover unseen risks:

“Our clients come to us to know their risk exposure. Integrating ChatGPT allows us to expand our intelligence, giving our clients a perspective on risk that they cannot get anywhere else.

Several crypto firms have implemented ChatGPT into their operations in recent times to mixed results.

Cryptocurrency exchange Crypto.com launched Amy, a ChatGPT-based AI user assistant, on May 3 in an effort to help inform users about the industry, including real-time token prices, projects and historical events.

While a Crypto.com spokesperson told Cointelegraph that AI has the potential for a “massive potential impact” in the crypto industry, they expect a lot of feedback from this AI pilot, which will be “integrated into future upgrades.”

However, cryptocurrency derivatives exchange Bitgate has already identified “flaws” in the accuracy of ChatGPT’s responses.

Gracie Chen, managing director of cryptocurrency derivatives exchange BitGate, told Cointelegraph on June 1 that while BitGate was initially impressed with ChatGPT for handling routine customer inquiries, it noticed errors when given “more complex questions.”

“Despite being trained on extensive data, ChatGPT sometimes provides misleading, biased or incomplete information, as a recent internal test reminded us,” said Chen.

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Meanwhile, Solana Labs announced on April 26 that Solana (SOL) users will soon be able to interact with the Solana network directly from ChatGPT — including checking wallet balances via an open-source plugin built for ChatGPT. , will be able to transfer tokens and buy NFTs. ,

Solana Labs has not yet announced when this feature will be publicly available.

Cointelegraph reached out to Ellipti for comment but did not receive a response by the time of publication.

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