{"id":19336,"date":"2024-05-01T16:15:11","date_gmt":"2024-05-01T16:15:11","guid":{"rendered":"https:\/\/coinengineer.io\/?p=19336"},"modified":"2024-05-01T15:49:32","modified_gmt":"2024-05-01T15:49:32","slug":"elliptic-uses-artificial-intelligence-to-detect-bitcoin-money-laundering","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/elliptic-uses-artificial-intelligence-to-detect-bitcoin-money-laundering\/","title":{"rendered":"Elliptic Uses Artificial Intelligence to Detect Bitcoin Money Laundering"},"content":{"rendered":"

Elliptic<\/strong> announced that it has made advances in artificial intelligence to detect Bitcoin<\/a> money laundering.<\/p>\n

Blockchain analysis firm Elliptic<\/strong> said it has made progress in using artificial intelligence to detect Bitcoin<\/a> money laundering. The firm said in a statement that it used these advances to improve Elliptic’s detection tools and detailed this work “in a new research paper co-authored with researchers from the MIT-IBM Watson AI Lab.”<\/p>\n

In the company’s statement, it was stated that “A deep learning model was used to successfully detect criminal proceeds deposited on a crypto exchange, new money laundering transaction patterns, and previously unknown illegal wallets.” Elliptic stated that it tested the developed tools on a data set containing more than 200 million transactions.<\/p>\n

\u201cInstead of identifying transactions carried out by illicit actors, a machine learning model is trained to successfully identify \u2018subgraphs,\u2019 chains of transactions where dirty money is represented,\u201d Elliptic said. \u201cThis approach allows us to focus on the \u2018multi-hop\u2019 money laundering process in general, rather than focusing on the behavior of specific illicit actors in the chain.\u201d<\/p>\n

Compared to traditional financial transactions, which \u201care often discrete,\u201d blockchains make it easier to use machine learning to better examine transactions, according to Elliptic. Elliptic has a track record of identifying crypto transactions made by shady actors such as terrorist groups.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Elliptic announced that it has made advances in artificial intelligence to detect Bitcoin money laundering. Blockchain analysis firm Elliptic said it has made progress in using artificial intelligence to detect Bitcoin money laundering. The firm said in a statement that it used these advances to improve Elliptic’s detection tools and detailed this work “in a<\/p>\n","protected":false},"author":6,"featured_media":16283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[5800,5803,5802,5801],"class_list":["post-19336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-elliptic","tag-elliptic-ai","tag-elliptic-bitcoin-money-laundering","tag-elliptic-money-laundering"],"yoast_head":"\nElliptic Uses Artificial Intelligence to Detect Bitcoin Money Laundering - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Elliptic announced that it has made advances in artificial intelligence to detect Bitcoin money laundering.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/elliptic-uses-artificial-intelligence-to-detect-bitcoin-money-laundering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elliptic Uses Artificial Intelligence to Detect Bitcoin Money Laundering - 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