Elliptic integrates ChatGPT to strengthen crypto risk detection

Crypto risk management firm Elliptic has integrated an artificial intelligence chatbot, ChatGPT, to increase accuracy and speed in detecting crypto threats — a move that comes amid other crypto firms reporting mixed results with its implementation.

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

According to a June 1 statement, Elliptic will use ChatGPT in its off-chain intelligence and research activities to investigate emerging risk factors in an “entirely new way.”

We are very pleased to announce the integration of ChatGPT into our off-chain intelligence and investigation efforts.
Read the full press release here https://t.co/YV5BYPCjW2#know exactly #ChatGPT #blockchain

— Elliptical (@elliptical) June 2, 2023

It was noted that the main reasons for ChatGPT’s integration were to improve accuracy and scalability, believing that researchers and researchers can address these new risk factors “in greater volume and at a greater speed than ever before.”

Jackson Hull, Elliptic’s CTO, stated that its implementation will help expose unseen risks:

“Our clients come to us to know exactly what their risk exposure is. By integrating ChatGPT, we can scale our intelligence, giving our customers insights into the risks they can’t get anywhere else.”

Several crypto companies have recently implemented ChatGPT in their operations, with mixed results.

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

While a spokesperson for Crypto.com told Cointelegraph that AI has the potential for “huge potential implications” 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 Bitget has already identified “cracks” in the accuracy of ChatGPT’s answers.

Gracy Chen, general manager of crypto derivatives exchange Bitget, reported to Cointelegraph on June 1 that while Bitget was initially impressed with ChatGPT to handle routine customer queries, errors were noted when giving “more complex queries” .

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

Related: OpenAI is committing $1 million to support AI-driven cybersecurity initiatives

Meanwhile, Solana Labs announced on April 26 that Solana (SOL) users will soon be able to communicate with the Solana network directly from ChatGPT — allowing them to check wallet balances, transfer tokens, and purchase NFTs — via an open-source plugin. in which was created for ChatGPT .

Solana Labs has yet to announce when this feature will be publicly available.

Cointelegraph has contacted Elliptic for comment.

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