Crypto firm Elliptic to enhance risk detection by integrating ChatGPT

Elliptic integrates ChatGPT in its crypto-asset risk management processes for improving efficiency; the company believes this will also help to scale up intelligence

By Shashank Bhardwaj

Published: Jun 5, 2023 04:24:04 PM IST

Updated: Jun 5, 2023 04:25:42 PM IST

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Elliptic, a company that specialises in cryptocurrency risk management, has integrated ChatGPT in its operations to improve efficiency in the detection of crypto threats.

The move comes as other crypto firms have reported mixed results after the implementation of ChatGPT.

Elliptic offers risk assessments to users of cryptocurrency by interpreting transactions, wallets and exchanges. It has its own team of human researchers that conducts these assessments and utilises a proprietary data set with over a decade’s worth of data. By using this extensive data, they are able to provide comprehensive risk evaluations.

Elliptic has managed to build a strong reputation as a global leader in crypto asset risk management by offering holistic risk assessments. Its solutions leverage a vast dataset covering more than 97% of crypto transactions by trading volume.

As per a June 1 statement, Elliptic has implemented ChatGPT into its off-chain intelligence and research operations for enhancing the accuracy and speed with which new risks are identified. The use of ChatGPT helps the company’s researchers to analyse higher volumes of risk factors at a relatively faster pace.

Jackson Hull, Chief Technology Officer of Elliptic suggested that the integration of ChatGPT enables the company to scale up its intelligence and has the potential to detect risks which were earlier missed by its human researchers:

“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.”

It also gives a unique perspective on risk to customers which they cannot get elsewhere.

Recently many crypto firms have implemented ChatGPT into their operations, which has given mixed results.

Crypto.com, a cryptocurrency exchange, launched a ChatGPT-based AI user assistant, Amy, for providing real time token prices. It is used for providing information to users about the industry projects and historical events.

Bitget, a cryptocurrency derivatives exchange, on the other hand, has identified issues in the accuracy of ChatGPT’s responses. Managing director of Bitget, Gracy Chen, said that while the company was initially impressed with ChatGPT’s performance in handling routine customer inquiries, it spotted errors when the AI tool was given to handle more complex queries.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash