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Elliptic Harnesses ChatGPT's Advanced Capabilities to Enhance Cryptocurrency Risk Management

Integration of AI Technology Aims to Boost Precision and Speed in Identifying Potential Risks

Mon, 05 Jun 2023, 02:54 am UTC

In a bold move to strengthen its cryptocurrency risk management operations, Elliptic has embraced the advanced capabilities of ChatGPT. This initiative comes at a time when the industry is experiencing varying outcomes with the integration of sophisticated AI.

Elliptic specializes in providing users of digital currencies with risk evaluations on transactions, digital wallets, and crypto exchanges. Their team of analysts gathers insights from a comprehensive and proprietary data collection spanning over ten years.

To enhance the precision and speed in identifying potential risks, Elliptic has incorporated ChatGPT into its research and off-chain intelligence strategies, as announced on June 1. By including ChatGPT, Elliptic foresees that its analysts and investigators will have the unprecedented capacity to handle evolving risk factors at an unprecedented volume and pace.

While Elliptic adopts ChatGPT, other businesses in the crypto realm report varied experiences with AI technology. For instance,, a cryptocurrency exchange, recently introduced Amy, an AI powered by ChatGPT, to provide users with real-time updates on market trends, historical events, and token values.

On the other hand, Bitget, a platform dealing with cryptocurrency derivatives, has identified inaccuracies in the responses generated by ChatGPT. Despite being fed vast amounts of data, ChatGPT has occasionally delivered misleading or biased information, as noted in a recent internal evaluation by Chen.

These developments align with Solana Labs' announcement on April 26, stating that Solana (SOL) users will soon be able to directly connect with the Solana network using ChatGPT. An open-source plugin specifically designed for the AI will enable users to examine digital wallet balances, transfer tokens, and even acquire non-fungible tokens. Details regarding the public availability of this unique feature have yet to be provided by Solana Labs.

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