AI Chatbots in Crypto: Balancing Innovation and Risk in Threat Detection

Posted on by Artificial Intelligence
Futuristic AI chatbot in a vivid crypto landscape, warm hues, digital city backdrop, sharp contrasts, complex web of networks, ChatGPT featured prominently, an air of innovation, cautious optimism, engaging with diverse crypto users, a hint of challenge in handling complex queries, expressive, dynamic composition.

Crypto risk management firm Elliptic is integrating artificial intelligence (AI) chatbot ChatGPT into its operations to enhance accuracy and scalability in detecting crypto threats. Elliptic provides blockchain analytics for crypto asset compliance, assesses risks associated with crypto wallets and virtual asset service providers, and oversees crypto transactions. The primary reasons for integrating ChatGPT are to tackle new risk factors through improved accuracy and scalability.

According to Elliptic’s CTO Jackson Hull, integrating ChatGPT will help scale up their intelligence and provide their customers with a unique view of their risk exposure. Other crypto firms have also recently implemented ChatGPT into their operations, but with mixed results.

Cryptocurrency exchange Crypto.com launched a ChatGPT-based AI user assistant Amy on May 3, with the intention of informing users about the industry, real-time token prices, projects, and historical events. While the exchange views AI as having massive potential implications in the crypto industry, they also expect a lot of feedback from this AI pilot, which will contribute to future upgrades.

Cryptocurrency derivatives exchange Bitget, on the other hand, encountered some challenges after implementing ChatGPT. Doing well with routine customer inquiries, the chatbot faced issues when given more complex queries, providing misleading, biased, or incomplete information.

Despite the mixed outcomes, there is a clear interest in integrating AI into crypto operations, as seen with Solana Labs’ recent announcement. Solana (SOL) users will soon be able to interact with the Solana network directly from ChatGPT through an open-source plugin, allowing them to check wallet balances, transfer tokens, and purchase NFTs.

While AI integration has the potential to enhance various aspects of the crypto industry, challenges remain in terms of accuracy and handling complex queries. It is crucial for companies interested in incorporating AI to carefully consider the pros and cons and evaluate the impact on their operations and customers.

Source: Cointelegraph

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