Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Blockchain forensics firm Elliptic is using AI to improve detection of Bitcoin money laundering.</li>
 <li>The advanced tools have been tested on over 200 million transactions.</li>
</ul>
<p>Elliptic, a firm specializing in blockchain forensics, has reported significant progress in employing artificial intelligence (AI) to detect money laundering involving <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>.</p>
<p>The company is leveraging these advancements to bolster its detection tools. The details of this work have been outlined in a new research paper, jointly authored with scholars from the MIT-IBM Watson AI Lab.</p>
<h2 id="ai-in-crypto-forensics">AI in Crypto Forensics</h2>
<p>The AI model used by Elliptic can successfully pinpoint proceeds from criminal activities deposited at a cryptocurrency exchange, identify new money laundering transaction patterns, and detect previously unknown illicit wallets.</p>
<p>Elliptic has put these enhanced tools to the test on a dataset comprising over 200 million transactions. The AI tools are trained to identify ‘subgraphs,’ which are chains of transactions that represent Bitcoin being laundered.</p>
<h2 id="blockchain-and-machine-learning">Blockchain and Machine Learning</h2>
<p>This method allows for a more general focus on the ‘multi-hop’ laundering process, rather than the on-chain behavior of specific illicit actors. In contrast to traditional financial transactions, which are typically siloed, blockchains enable the more effective use of machine learning to scrutinize transactions.</p>
<p>Elliptic has a track record of identifying cryptocurrency transactions carried out by malicious actors, such as terrorist groups.</p>

Elliptic’s Deep-Dive into Crypto: Using AI to Unmask Bitcoin Money Laundering

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