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Enhancing Crypto Risk Management with ChatGPT
Elliptic, a leading firm specializing in cryptocurrency risk management, has adopted ChatGPT to elevate its ability to identify and manage crypto threats. This strategic move follows mixed implementation results reported by other cryptocurrency firms.
Elliptic serves crypto users by providing risk assessments related to transactions, wallets, and exchanges. Their team of seasoned researchers utilizes a proprietary dataset brimming with over a decade's worth of data to perform these assessments.
ChatGPT Elevates Elliptic’s Intelligence and Research Operations
To bolster the precision and speed of new risk detection, Elliptic has decided to incorporate ChatGPT into its off-chain intelligence and research operations, as stated in a June 1 announcement. The firm anticipates that ChatGPT will enable its researchers and investigators to handle emerging risk factors more efficiently and swiftly than before.
Elliptic’s CTO, Jackson Hull, expressed optimism that the integration of ChatGPT might expose risks that could otherwise be overlooked by human researchers. He said, “Our customers rely on us for precise risk exposure. Incorporating ChatGPT allows us to scale up our intelligence, offering our clients a unique risk perspective that is unmatched elsewhere.”
Mixed Results from ChatGPT Implementations in Other Crypto Firms
Several cryptocurrency firms have recently integrated ChatGPT into their operations, but the results have been varied. For instance, cryptocurrency exchange Crypto.com launched an AI user assistant, Amy, powered by ChatGPT, on May 3. Amy was created to educate users about the crypto industry, including providing real-time token prices and historical events.
While a representative from Crypto.com acknowledged the potential for AI to revolutionize the crypto industry, they anticipated significant feedback during the initial stages, which would be incorporated into subsequent upgrades.
Meanwhile, Bitget, a cryptocurrency derivatives exchange, reported shortcomings in the accuracy of ChatGPT's responses. Bitget’s managing director, Gracy Chen, revealed that despite initial impressions of ChatGPT's ability to handle routine customer inquiries, it faltered when confronted with more complex queries. Chen commented, “Despite the wealth of data ChatGPT was trained on, it sometimes offers misleading, biased, or incomplete information, as a recent internal test reminded us.”
Solana Users to Interact with Network via ChatGPT
In related news, Solana Labs announced on April 26 that Solana (SOL) users would soon be able to interact with the Solana network directly via ChatGPT. An open-source plugin developed for ChatGPT will enable users to check wallet balances, transfer tokens, and even purchase NFTs. However, Solana Labs has not yet announced when this feature will be made available to the public.
Cointelegraph attempted to reach out to Elliptic for comment but did not receive a response at the time of publication.
