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Crypto risk management firm Elliptic is integrating ChatGPT AI chatbot to improve accuracy and scalability in detecting crypto threats, while other crypto companies report mixed results from its implementation.
Elliptic provides blockchain analytics for matching crypto assets and assesses the risks associated with crypto wallets, virtual asset service providers and crypto transactions.
Elliptic will use ChatGPT in its off-chain analytics and research operations to explore new risk factors in a “whole new way,” according to a June 1 announcement.
We’re very pleased to announce the integration of ChatGPT into our off-chain intelligence and research gathering efforts.
Read the full press release herehttps://t.co/YV5BYPCjW2#knowexactly #ChatGPT #blockchain
— Elliptic (@elliptic) June 2, 2023
Accuracy and scalability are the main reasons why Elliptic is integrating ChapGPT, saying its researchers and investigators will be able to tackle these new risk factors “in greater volume and at greater speed than ever before.”
Jackson Hull, CTO of Elliptic, noted that its implementation will help identify invisible risks:
“Our clients come to us to know exactly their exposure to risk. The ChatGPT integration allows us to scale our analytics, giving our clients risk insight they can’t get anywhere else.”
Recently, several cryptocurrency firms have implemented ChatGPT into their operations, with mixed results.
Crypto.com cryptocurrency exchange launched a ChatGPT-based AI user assistant on May 3 to inform users about the industry, including real-time token prices, projects, and historical events.
While a Crypto.com spokesperson told Cointelegraph that AI could have “huge potential impacts” on the cryptocurrency industry, they expect a lot of feedback from this AI pilot project, which will be “integrated into future updates.”
However, cryptocurrency derivatives exchange Bitget has already found “cracks” after implementing ChatGPT.
Gracie Chen, managing director of cryptocurrency derivatives exchange Bitget, previously told Cointelegraph on June 1 that while Bitget was initially impressed with ChatGPT for handling routine client requests, bugs were discovered when receiving “more complex requests.”
“Despite learning from extensive data, ChatGPT sometimes offers misleading, biased, or incomplete information, as a recent internal test reminded us,” Chen said.
Related: OpenAI allocates $1M to support AI-powered cybersecurity initiatives
Meanwhile, on April 26, Solana Labs announced that Solana (SOL) users will soon be able to interact with the Solana network directly from ChatGPT, allowing them to check wallet balances, transfer tokens, and buy NFTs, through an open source plugin built for ChatGPT.
Cointelegraph has reached out to Elliptic for comment.