A new artificial intelligence (AI) model has been announced by blockchain analysis firm Elliptic in partnership with researchers from MIT and IBM which is meant to identify money laundering activities within Bitcoin transactions. To this effect, the announcement was made after the publishing of their research paper that outlines the methodology and efficiency of this new instrument.
Data Release to Aid in Crypto Crime Fighting
The researchers have also released a large dataset of 200 million Bitcoin transactions. This dataset, called Elliptic2, is designed to empower AI models in detecting illicit financial flows in the area of cryptocurrencies. It consists of transactional patterns from identified illicit actors to cryptocurrency exchanges where the said money could be laundered.
Tom Robinson, Elliptic’s chief scientist and co-founder, emphasized that this marks a paradigm shift in blockchain analytics. Rather than only finding transactions that are related to criminal activities, t
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