Elliptic Uses ChatGPT To Foster Crypto Risk Detection

Elliptic Uses ChatGPT To Foster Crypto Risk Detection

Elliptic, a cryptocurrency risk management firm, is now using ChatGPT to increase its efficiency when it comes to spotting crypto threats. This comes at a time when other crypto firms and exchanges have reported varying results in the implementation of this technology.

According to the crypto risk management firm, ChatGPT will help in building their capabilities and scaling up intelligence. As a result, it will allow crypto users to know about the possible risks that “they won’t be able to find anywhere else.”

Improving the Accuracy and Speed of Finding Potential Risks

Elliptic offers services to users regarding risk assessments for their exchanges, wallets, transactions, and much more. They do this by using a proprietary data set that has data records for decades. The research team uses these data sets to provide threat-assessment services to their clientele.

In a statement released on June 1, the firm announced that it is integrating ChatGPT into its intelligence and research operations. The statement further added that doing so will allow them to enhance the speed and accuracy of identifying potential risks.

In addition to that, the company also noted that the implementation of the ChatGPT will it easy for investigators and researchers to handle new risk factors “in greater volumes and at a much more rapid pace than ever before.”

Jackson Hull, who is Elliptic’s CTO (chief technology officer), said that the implementation of this technology will help them to identify potential threats that the human investigators might not have been able to spot.

In his recent tweet, he conveyed the message that “Our customers want to find out about their risk exposure. And that is what we aim to do by integrating ChatGPT, which will allow us to scale up our intelligence.”

“As a result, it would give our customers a clear idea of their risk that they can’t find anywhere else,” he further added.

Crypto Firms Taking Advantage of the New Technology

Many crypto firms are also leveraging ChatGPT to take advantage of its capabilities, but it is providing mixed results.

Earlier last month, the cryptocurrency exchange Crypto.com introduced an AI user assistant, Amy, based on ChatGPT. This AI user assistant would help the users stay updated with the changing market situation and prices of different projects, coins, and tokens in real-time.

A spokesperson for Crypto.com said that the AI can have major potential implications in the crypto market. Therefore, they’re expecting a lot of feedback in the initial stage which they’ll look forward to integrating into the upgrades coming in the years ahead.

Issues in the Implementation of ChatGPT

While there has been a growing incorporation of the ChatGPT among cryptocurrency exchanges, it hasn’t worked well for all of them.

For instance, Bitget which is a cryptocurrency derivatives exchange has found some “potential issues” regarding the accuracy of the ChatGPT’s responses.

Gracy Chen who is Bitget’s managing director told on 1st June that while Bitget was quite ingrained with ChatGPT’s initial response regarding the basic customer queries, there were inaccuracies and errors when answering more complicated queries.

Chen further stated that ChatGPT sometimes provides inaccurate, misleading, or insufficient information to the customers’ queries despite being provided and trained on comprehensive data.

Apart from that, Solana Labs also said in April this year that Solana (SOL) users can soon interact with the network using the ChatGPT.

Users can keep an eye on their wallet balance, buy NFTs (non-fungible tokens), and transfer tokens via the open-source plugin built for ChatGPT. However, there is no information available up till now regarding when Solana Labs would allow people to use this feature.