Elliptic integrates ChatGPT to bolster crypto risk detection

Cryp­to risk man­age­ment firm Ellip­tic has inte­grat­ed Chat­G­PT to ramp up its effi­cien­cy in detect­ing cryp­to threats – a move which comes amid oth­er cryp­to firms report­ing 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 uti­liz­ing a pro­pri­etary dataset with “over a decades worth of data.”

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

It was not­ed that Chat­G­PT will allow its researchers and inves­ti­ga­tors to tack­le new risk fac­tors “in high­er vol­umes and at a quick­er speed than ever before.”

We’re very pleased to announce the inte­gra­tion of Chat­G­PT into our off-chain intel­li­gence and research gath­er­ing efforts.
Read the full press release herehttps://t.co/YV5BYPCjW2#knowex­act­ly #Chat­G­PT #blockchain

— Ellip­tic (@elliptic) June 2, 2023

Jack­son Hull, the CTO of Ellip­tic, sug­gest­ed that its imple­men­ta­tion has the poten­tial to detect risks that human researchers may have failed to recognize:

“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.”

Sev­er­al cryp­to firms have imple­ment­ed Chat­G­PT into its oper­a­tions in recent times, yield­ing 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 Crypto.com spokesper­son told Coin­tele­graph that AI has the poten­tial for “mas­sive poten­tial impli­ca­tions” in the cryp­to indus­try, they expect a lot of feed­back in the “ear­ly days,” which will be “inte­grat­ed into future upgrades.”

Say hel­lo to Amy, https://t.co/vCNztATSCO’s new #AI pow­ered user companion!

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

Look for Amy rolling out on https://t.co/GLiHVFlytJ

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

— Crypto.com (@cryptocom) May 2, 2023

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

Gra­cy Chen, man­ag­ing direc­tor of Bit­get, report­ed to Coin­tele­graph on June 1 that while Bit­get was ini­tial­ly impressed by Chat­G­PT to han­dle rou­tine cus­tomer inquiries, errors were spot­ted when giv­en “more com­plex queries.”

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

Relat­ed: Ope­nAI com­mits $1M to sup­port AI-dri­ven cyber­se­cu­ri­ty initiatives

Mean­while, Solana Labs announced on April 26 that Solana (SOL) users will soon be able to inter­act with the Solana net­work direct­ly from Chat­G­PT – enabling them to check wal­let bal­ances, trans­fer tokens and pur­chase NFTs – through an open-source plu­g­in cre­at­ed for ChatGPT.

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

Coin­tele­graph reached out to Ellip­ti for com­ment but did not receive a response by the time of publication.

Mag­a­zine: Musk’s alleged price manip­u­la­tion, the Satoshi AI chat­bot and more: Hodler’s Digest, May 28 – June 3