Cryptocurrency risk management firm Elliptic has integrated ChatGPT to ramp up its efficiency in detecting crypto threats, which comes as other crypto firms report mixed results in its implementation.
Elliptic provides risk assessments to crypto users regarding transactions, wallets and exchanges. These are conducted by its team of human researchers utilizing a proprietary data set with “over a decades worth of data.“
To improve the accuracy and speed of identifying new risks, Elliptic has implemented ChatGPT into its off-chain intelligence and research operations, according to a June 1 statement.
The company noted that ChatGPT will allow its researchers and investigators to tackle new risk factors “in higher volumes and at a quicker speed than ever before.“
Elliptic chief technology officer Jackson Hull suggested its implementation has the potential to detect risks that human researchers may have failed to recognize:
“Our customers come to us to know exactly their risk exposure. Integrating ChatGPT allows us to scale up our intelligence, giving our customers a view on risk they can’t get anywhere else.”
Several crypto firms have recently implemented ChatGPT into their operations, yielding mixed results.
On May 3, cryptocurrency exchange Crypto.com launched a ChatGPT-based artificial intelligence (AI) user assistant, Amy, to help inform users about the industry with real-time token prices, projects and historical events.
While a Crypto.com spokesperson told Cointelegraph that AI could have “massive potential implications” in the crypto industry, they expect a lot of feedback in the early days, which will be “integrated into future upgrades.”
However, for cryptocurrency derivatives exchange, Bitget, “cracks” have already been identified in the accuracy of ChatGPT’s responses.
On June 1, Gracy Chen, managing director of Bitget, told Cointelegraph that while Bitget was initially impressed by ChatGPT for handling routine customer inquiries, errors were spotted when given “more complex queries.”
“Despite being trained on extensive data, ChatGPT sometimes offers misleading, biased or incomplete information, as a recent internal test reminded us,” Chen stated.
Through an open-source plugin created for ChatGPT, users will be able to check wallet balances, transfer tokens and purchase nonfungible tokens.
Solana Labs is yet to announce when this feature will be publicly available.
Cointelegraph reached out to Elliptic for comment but did not receive a response by publication.