Bitcoin
Vast New Dataset Could Boost AI’s Pursuit of Crypto Money Laundering
As a test of the resulting AI tool, the researchers cross-checked their results with a cryptocurrency exchange – which the article does not name – identifying 52 suspicious chains of transactions that ultimately flowed to that exchange. It turned out that the exchange had already flagged 14 of the accounts that received these funds for suspected illicit activity, including eight that were flagged as associated with money laundering or fraud, based in part on information known to its customer that it had requested . account owners. Despite not having access to “know your customer” data or any information about the origin of funds, the researchers’ AI model matched the conclusions of the exchange’s own researchers.
Correctly identifying 14 out of 52 customer accounts as suspicious may not seem like a high success rate, but researchers point out that only 0.1% of the exchange’s accounts are flagged as potential money laundering overall. Their automated tool, they argue, has essentially reduced the search for suspicious accounts to more than one in four. “Going from ‘one in a thousand things we see will be illicit’ to 14 in 52 is an absurd change,” says Mark Weber, one of the paper’s co-authors and a member of the MIT Media Lab. “And now the investigators are actually going to dig into the rest to see, wait, did we miss something?”
Elliptic says it already uses the AI model privately in its own work. As further evidence that the AI model is producing useful results, the researchers write that analyzing the source of funds for some suspicious transaction chains identified by the model helped them discover Bitcoin addresses controlled by a Russian dark web marketplace, a Cryptocurrency “mixer” designed to obfuscate the trail of bitcoins on the blockchain and a Panama-based Ponzi scheme. (Elliptic declined to identify any of these alleged criminals or services by name, telling WIRED that it does not identify the targets of ongoing investigations.)
Perhaps more important than the practical use of the researchers’ own AI model, however, is the potential of Elliptic’s training data, which the researchers have Published on the Google-owned machine learning and data science community site Kaggle. “Elliptic could have kept this to itself,” says MIT’s Weber. “Instead, there was an open-source spirit here of contributing something to the community that will allow everyone, even your competitors, to be better at combating money laundering.” Elliptic notes that the data released is anonymized and does not contain any identifiers of Bitcoin address owners or even the addresses themselves, just the structural data of the “subgraphs” of transactions it has marked with its suspected money laundering classifications.
This massive data set will undoubtedly inspire and enable much more AI-focused research into bitcoin money laundering, says Stefan Savage, a professor of computer science at the University of California, San Diego, who served as an advisor to the lead author of a study. . seminal paper on bitcoin tracking published in 2013. He argues, however, that the current tool does not appear to revolutionize anti-money laundering efforts in crypto in its current form so much as serve as a proof of concept. “I think an analyst will sometimes struggle with a tool that is right,” says Savage. “I see this as a breakthrough that says, ‘Hey, there’s something here. More people should work on this.’”
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market
Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
Getty Images
The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious
Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.
CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
Elon Musk’s X Money is about to change cryptocurrencies FOREVER
Solana Update: 2025 Potential and SOL Price Predictions You MUST SEE!!
Crypto News: Bitcoin BREAKING ATHs, Trump Memecoin, XRP & SOL Flying & More!
China’s $75 billion crypto secret discovered: What it means for you
$500 to $500,000: BIG Cryptocurrency Gains with a SMALL Wallet!?
Crypto News: Bitcoin, ETH Price, CPI Print, PYTH, WIF & MORE!!
Crypto News: Bitcoin Price, ETF, ETH, WIF, HNT & MORE!!
Metasphere Labs announces follow-up event regarding
Solana price potential?! Check out THIS update if you own SOL!!
Who Really CONTROLS THE MARKETS!! Her plans REVEALED!!
Elon Musk’s X Money is about to change cryptocurrencies FOREVER
Solana Update: 2025 Potential and SOL Price Predictions You MUST SEE!!
Crypto News: Bitcoin BREAKING ATHs, Trump Memecoin, XRP & SOL Flying & More!
China’s $75 billion crypto secret discovered: What it means for you
$500 to $500,000: BIG Cryptocurrency Gains with a SMALL Wallet!?
-
Videos9 months agoCrypto News: Bitcoin, ETH Price, CPI Print, PYTH, WIF & MORE!!
-
Videos9 months agoCrypto News: Bitcoin Price, ETF, ETH, WIF, HNT & MORE!!
-
DeFi9 months agoMetasphere Labs announces follow-up event regarding
-
Videos9 months agoSolana price potential?! Check out THIS update if you own SOL!!
-
Videos8 months agoWho Really CONTROLS THE MARKETS!! Her plans REVEALED!!
-
DeFi6 months agoPump.Fun Overtakes Ethereum in Daily Revenue: A New Leader in DeFi
-
News6 months agoNew bill pushes Department of Veterans Affairs to examine how blockchain can improve its work
-
DeFi6 months agoDegens Can Now Create Memecoins From Tweets
-
News6 months agoLawmakers, regulators to study impact of blockchain and cryptocurrency in Alabama • Alabama Reflector
-
Bitcoin6 months ago1 Top Cryptocurrency That Could Surge Over 4,300%, According to This Wall Street Firm
-
Ethereum8 months agoComment deux frères auraient dérobé 25 millions de dollars lors d’un braquage d’Ethereum de 12 secondes • The Register
-
Videos8 months agoCryptocurrency News: BTC Rally, ETH, SOL, FTM, USDT Recover & MORE!