Elliptic Unveils AI Model to Enhance Bitcoin Money Laundering Detection

The new AI tool, developed in collaboration with MIT and IBM, utilizes a groundbreaking data set of 200 million transactions to identify complex laundering patterns.

Researchers from Elliptic, MIT, and IBM have developed an AI model that improves the detection of money laundering in the Bitcoin blockchain.
The model uses a new approach by analyzing patterns of transactions between known illicit actors and cryptocurrency exchanges.
Elliptic has released a vast training data set on Kaggle, making it the largest of its kind and fostering further research in the field.
The AI tool has already shown promising results, identifying suspicious transaction chains with a significant accuracy rate.
Experts suggest the model could lead to more efficient anti-money laundering efforts but also raise ethical and legal questions.