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Elliptic Incorporates ChatGPT to Enhance its Capabilities in Detecting Crypto Risks

Elliptic
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Elliptic, a leading crypto risk management company, is confident that integrating ChatGPT will significantly enhance their intelligence capabilities, enabling them to identify and uncover crypto risks that were previously inaccessible through other means.


Amid reports of varying success in implementing AI technologies, Elliptic, a cryptocurrency risk management firm, has made a significant stride by integrating ChatGPT into its operations. Elliptic specializes in providing risk assessments to crypto users, evaluating transactions, wallets, and exchanges. Leveraging a proprietary dataset spanning over a decade, their team of human researchers has been at the forefront of risk detection.To enhance the efficiency and precision of their risk identification process, Elliptic has now introduced ChatGPT into their off-chain intelligence and research endeavors, as per their statement on June 1. This integration empowers their researchers and investigators to address emerging risk factors at an accelerated pace and in larger quantities than ever before. By leveraging the capabilities of ChatGPT, Elliptic aims to bolster their ability to detect and mitigate crypto threats effectively.

According to Jackson Hull, the CTO of Elliptic, the integration of ChatGPT holds the promise of uncovering risks that may have eluded human researchers:

“With our customers relying on us to accurately assess their risk exposure, the incorporation of ChatGPT enables us to expand our intelligence capabilities, providing them with unique insights into risks that are not available elsewhere.”

While various crypto firms have recently implemented ChatGPT into their operations, the outcomes have been diverse, indicating a mixed track record in its effectiveness.

On May 3, Crypto.com, a prominent cryptocurrency exchange, introduced Amy, an AI user assistant powered by ChatGPT. The primary objective of this initiative is to provide users with valuable information about the crypto industry, including real-time token prices, projects, and historical events.

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Recognizing the immense potential of AI in the crypto industry, a spokesperson from Crypto.com acknowledged that this implementation could have significant implications. However, they also anticipate receiving substantial feedback during the initial phase, which will be incorporated into future upgrades and enhancements of the AI user assistant.

Bitget, a cryptocurrency derivatives exchange, has encountered certain limitations in the accuracy of ChatGPT’s responses, highlighting some shortcomings in handling complex queries.

“While we were initially impressed by ChatGPT’s performance and its ability to handle routine queries, we have observed instances where it provided misleading, biased, or incomplete information during recent internal testing,” Chen explained, emphasizing the need to recognize the limitations of the AI model.

Also Read This Related: Apple Prohibits Employee Use of ChatGPT Amid Data Leak Concerns

In a recent announcement on April 26, Solana Labs unveiled their plans to enable Solana (SOL) users to directly engage with the Solana network using ChatGPT.

To facilitate this interaction, an open-source plugin has been developed specifically for ChatGPT. This integration will empower users to perform various actions such as checking wallet balances, initiating token transfers, and even purchasing non-fungible tokens (NFTs).

As of now, Solana Labs has not disclosed the exact date when this feature will be made available to the public, leaving users eagerly awaiting further updates.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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