Elliptic integrates ChatGPT to strengthen crypto risk detection

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Cryptocurrency risk management firm Elliptic has integrated ChatGPT to increase its effectiveness in detecting crypto threats, which comes as other crypto companies report mixed results in its implementation.

Elliptic provides risk assessments to crypto users regarding transactions, wallets, and exchanges. These are conducted by its team of human researchers using a proprietary dataset with over a decade of data.

To improve the accuracy and speed of identifying new risks, Elliptic has implemented ChatGPT in its off-chain intelligence and research operations, according to a June 1 statement.

The company noted that ChatGPT will enable its researchers and investigators to tackle new risk factors in higher volumes and at faster speed than ever before.

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

Elliptical (@elliptical) June 2, 2023

Elliptic’s chief technology officer, Jackson Hull, suggested that its implementation has the potential to detect risks that human researchers may not have recognised:

Our clients come to see us to find out precisely their risk exposure. The integration of ChatGPT allows us to increase our intelligence, giving our customers a view of the risks that they cannot get anywhere else.

Several crypto firms have recently implemented ChatGPT into their operations, with mixed results.

On May 3, cryptocurrency exchange Crypto.com launched a ChatGPT-based artificial intelligence (AI) user assistant, Amy, to help educate users about the industry with token prices, projects and historical events in real time.

While a Crypto.com spokesperson told Cointelegraph that AI could have massive potential implications in the crypto industry, they expect plenty of commentary in the early days, which will feed into future upgrades.

Say hello to Amy, the new #AI-powered user companion from https://t.co/vCNztATSCO!

Get real-time insights on your favorite tokens and projects, including historical data and current prices.

Look for Amy at https://t.co/GLiHVFlytJ

Learn more: https://t.co/v5KfLTi9vP pic.twitter.com/8suDcx9Q9x

Crypto.com (@cryptocom) May 2, 2023

However, for the cryptocurrency derivatives exchange, Bitget, cracks have already been identified in the accuracy of ChatGPT responses.

On June 1, Gracy Chen, Managing Director of Bitget, told Cointelegraph that while Bitget was initially impressed with ChatGPT for handling routine customer requests, errors were spotted during more complex queries.

Despite being trained on a lot of data, ChatGPT sometimes offers misleading, biased or incomplete information, as a recent internal test reminded us, Chen said.

Related: OpenAI Commits $1 Million to Support AI-Driven Cybersecurity Initiatives

These developments come after Solana Labs announced on April 26 that Solana (SOL) users will soon be able to interact with the Solana network directly from ChatGPT.

Through an open-source plugin created for ChatGPT, users will be able to check wallet balances, transfer tokens, and purchase non-fungible tokens.

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

Cointelegraph contacted Elliptic for comment but did not receive a response by post.

Magazine: Musks alleged price manipulation, Satoshi AI chatbot and more: Hodlers Digest, May 28 June 3

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