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Crypto Risk Management Firm Elliptic Employs ChatGPT to Enhance Threat Detection

Crypto Risk Management Firm Elliptic Employs ChatGPT to Enhance Threat Detection

More and more crypto firms are integrating ChatGPT into their operations.

To boost its efficiency in identifying cryptocurrency threats, risk management firm Elliptic has integrated ChatGPT.

Elliptic assesses risks related to crypto exchanges, wallets, and transactions. The examinations are performed by a dedicated team of researchers employing a proprietary data set that encompasses "over a decade's worth of data."

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According to the official statement shared on June 1st, to further refine the speed and accuracy of detecting new risks, Elliptic has decided to incorporate ChatGPT into its off-chain intelligence and research processes.

The company emphasized that ChatGPT will enable its investigators and researchers to handle higher volumes of new risk factors at an unprecedented speed.

Elliptic's chief technology officer, Jackson Hull, mentioned how this implementation could potentially identify risks that might have been missed by 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.

Recently, several crypto firms have introduced ChatGPT into their operations.

On May 3rd, rolled out a ChatGPT-based artificial intelligence (AI) assistant named Amy. The chatbot is designed to educate users about the industry by providing real-time information on token prices, historical events, and projects.

A representative claimed that despite the AI's potential for significantly impacting the crypto industry, the company anticipates substantial feedback in the initial stages that will be "integrated into future upgrades."

On top of that, at the end of May, Solana Foundation also unveiled the integration of ChatGPT into its operations.

While the implementation of ChatGPT by Elliptic is a promising development for crypto risk detection, its effectiveness and accuracy are still under scrutiny.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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