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Elliptic Uses Artificial Intelligence to Detect Bitcoin Money Laundering

Bitcoin Etfs

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 new research paper co-authored with researchers from the MIT-IBM Watson AI Lab.”

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.

“Instead of identifying transactions carried out by illicit actors, a machine learning model is trained to successfully identify ‘subgraphs,’ chains of transactions where dirty money is represented,” Elliptic said. “This approach allows us to focus on the ‘multi-hop’ money laundering process in general, rather than focusing on the behavior of specific illicit actors in the chain.”

Compared to traditional financial transactions, which “are often discrete,” 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.


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