Safari

2024

Bitcoin

Apple

Elliptic, the blockchain forensics firm, has launched major breakthroughs in the use of artificial intelligence in detecting Bitcoin laundering. Working together with the MIT-IBM Watson AI Lab researchers, Elliptic has <a href="https://arxiv.org/pdf/2404.19109" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">created</a> a deep learning model that detects crime proceeds deposited at crypto exchanges, identifies new money laundering transaction patterns, and identifies previously undetected illicit wallets.
Through these enhancements, Elliptic strives to fortify its detection systems, offering improved functionalities in fighting illegal activities in the world of cryptocurrency. The recent research paper of the firm explores the challenges of AI employed to monitor and analyze more than 200 million transactions and the deep learning model’s efficiency in detecting laundering patterns.
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 In new research <a href="https://twitter.com/elliptic?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">@Elliptic</a> scientists have demonstrated that AI can be used to detect money laundering and identify illicit wallets in Bitcoin. This work has already been used to enhance our products. 1/9<a href="https://t.co/VAvs4CoJWQ" target="_blank" data-wpel-link="external" rel="noopener noreferrer nofollow">https://t.co/VAvs4CoJWQ</a>— Tom Robinson (@tomrobin) <a href="https://twitter.com/tomrobin/status/1785680405711974497?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">May 1, 2024</a>
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Elliptic’s methodology represents a considerable departure from conventional transaction analysis practices. Instead of only identifying transactions made by evil-doers, the machine learning model focuses on ‘subgraphs’-chains of transactions pointing to bitcoin being laundered. This approach allows Elliptic to further explore the laundering process, providing a view of the larger ecosystem of illegal financial activities.
Additionally, Elliptic emphasizes the special features of blockchain technology in permitting the application of machine learning in the transaction analysis. In contrast to many traditional financial transactions that are fragmented, blockchain transactions form a visible and interconnected web that is highly suitable for complex analytical techniques.
The firm’s history of uncovering cryptocurrency transactions associated with evil doers, including terrorists, justifies the need for ongoing evolution in blockchain forensics. Using artificial intelligence potential, Elliptic aims to be a step ahead of changing threats in the world of cryptocurrency thereby, protecting the reliability of digital transactions.
Generally, Elliptic represent great strides in the growth of the fight against crypto-related crimes. While cryptocurrencies continue to change, the introduction of AI-based technologies will improve the ability to detect such activities and make the blockchain resistant to the illegal actions.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/05/01/apple-boosts-safari-with-ai-in-ios-18-macos-15-updates/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Apple Boosts Safari with AI in iOS 18, macOS 15 Updates</a>
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Elliptic Unveils AI Breakthroughs in Bitcoin Laundering Detection

The Crypto Times

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