Blockchain forensics firm Elliptic said it has made advances in the use of artificial intelligence to detect Bitcoin money laundering.
The company said in a statement that it is using this advancement to enhance Elliptic's detection tools and details that work in a new research paper “co-authored with researchers at MIT and IBM's Watson AI Institute.” I made it.
“Using deep learning models, we were able to successfully identify criminal proceeds, new money laundering transaction patterns, and previously unknown illicit wallets deposited on cryptocurrency exchanges,” the company said in a statement. Stated.
Elliptic said it tested the enhanced tool on a dataset containing more than 200 million transactions.
“Rather than identifying transactions made by fraudsters, machine learning models are trained to identify 'subgraphs', chains of transactions that represent the Bitcoins being laundered,” Elliptic said. said. “By identifying these subgraphs rather than illicit wallets, this approach allows us to focus on more general ‘multi-hop’ laundering processes rather than the on-chain behavior of specific illegal actors. Become.”
Compared to traditional financial transactions, which are “typically siled,” blockchain can facilitate the use of machine learning to better vet transactions, according to Elliptic.
Elliptic has a history of identifying cryptocurrency transactions conducted by nefarious actors such as terrorist groups.
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