Elliptic Unveils Groundbreaking AI for Identifying Money Laundering in Bitcoin Transactions
Elliptic company has developed an artificial intelligence capable of detecting money laundering schemes through bitcoin. In their research, Elliptic used data from 200 million transactions to train the AI model to identify not only individual suspicious transactions, but also entire chains of financial operations.
Successful Testing on Cryptocurrency Exchange
To test the technology, a cryptocurrency exchange was chosen (its name was not disclosed). Out of 52 suspicious transactions, 14 were confirmed to be linked to money laundering.
Versatility of Elliptic’s AI System
Elliptic’s artificial intelligence is able to detect both traditional money laundering schemes and new models that are harder to detect using conventional analysis methods. The model was also able to find unknown wallets used in Ponzi schemes and the darknet.
Future Plans for Data Sharing
The company plans to make its data available to developers and researchers to improve illegal transaction detection methods and contribute to the development of next-generation neural networks.
