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International Business Times

Business

Marvie Basilan

Crypto Breakthrough: Elliptic Publishes Research On How AI Can Detect Bitcoin Laundering

Elliptic Bitcoin Crypto United States blockchain

Artificial intelligence can be used to detect money laundering activities in Bitcoin, Elliptic revealed in its updated research on the use of AI in identifying illicit activities in the industry. (Credit: Richard Patterson/flickr)

KEY POINTS

Elliptic trained an AI model to identify transaction chains that represent Bitcoin laundering
The model detected some of the known crypto laundering patterns in the sector such as peeling chains
It also helped identify illicit digital wallets that were previously not known to the blockchain research circle

Blockchain analytics firm Elliptic has shared new details about its research on the use of artificial intelligence to detect money laundering activities in the cryptocurrency central to Bitcoin, the world's largest crypto by market cap.

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