Elliptic Adopts ChatGPT to Enhance Crypto Risk Management Investigations

ChatGPT Blockchain

Elliptic, a cryptocurrency risk management firm, has adopted ChatGPT to improve its efficiency in recognizing crypto issues, despite the fact that other crypto firms have had varying degrees of success with its implementation.

Elliptic provides evaluations for the security of cryptocurrency purchases, wallets, and trades. A proprietary dataset including “over a decade’s worth of data” is used by human researchers for these investigations.

Leveraging AI for More Accurate Risk Recognition

Elliptic said in a statement published on June 1 that it has begun using ChatGPT as part of its off-chain intelligence and research efforts in an effort to improve the accuracy and speed with which new risks are recognized.

It has been said that ChatGPT would allow its researchers and investigators to tackle unique risk factors “in higher volumes and at a quicker speed than ever before.” Jackson Hull, CTO of Elliptic, speculates that exploiting these flaws might lead to the discovery of others that humans have missed.

Several crypto businesses have included ChatGPT into their operations in recent months, with mixed results. Amy, Crypto.com’s ChatGPT-based AI user assistant, was released on May 3 with the aim of educating consumers about the industry by giving them with real-time data about token prices, projects, and industry events.

Even though AI has “massive potential implications” for the cryptocurrency industry, Crypto.com anticipates receiving a large volume of early feedback that will be “integrated into future upgrades.”

However, Bitget, a cryptocurrency derivatives market, has discovered “cracks” in the credibility of ChatGPT’s responses.
Bitget’s managing director Gracy Chen said the firm was delighted at first with ChatGPT’s capacity to handle routine customer inquiries, but problems emerged when the software was given “more complex queries.”

Siddharth Chaturvedi