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A Vast New Data Set Could Supercharge the AI Hunt for Crypto Money Laundering
Blockchain analysis firm Elliptic, MIT, and IBM have released a new AI model—and the 200-million-transaction dataset it's trained on—that aims to spot the “shape” of bitcoin money laundering.On Wednesday, researchers from cryptocurrency tracing firm Elliptic, MIT, and IBM published a paper that lays out a new approach to finding money laundering on Bitcoin's blockchain. Rather than try to identify cryptocurrency wallets or clusters of addresses associated with criminal entities such as dark-web black markets, thieves, or scammers, the researchers collected patterns of bitcoin transactions that led from one of those known bad actors to a cryptocurrency exchange where dirty crypto might be cashed out. They then used those example patterns to train an AI model capable of spotting similar money movements—what they describe as a kind of detector capable of spotting the “shape” of suspected money laundering behavior on the blockchain