New Data Set for Anti-Money Laundering in Bitcoin

Banking CIO Outlook | Tuesday, August 13, 2019

Fraud detection and protection is now made easier and smarter with the launch of data set for anti-money laundering in bitcoin.  

FREMONT, CA: Elliptic, a blockchain solution provider, has released the Elliptic Data Set. It is the world's most massive set of labeled transaction data that is publicly obtainable in any cryptocurrency. It will stimulate and enable the evolution of new techniques for the detection of unauthorized cryptocurrency transactions. Through this innovation, Elliptic endeavors to enables its clients to more effectively and efficiently identify illicit transactions, alleviating compliance costs, and driving criminal activity out of cryptocurrencies.  

The Elliptic Data Set consists of 200,000 bitcoin transactions with a cumulative value of $6 billion. Transactions recognized by Elliptic research as having been made by nefarious actors have been specified, to allow the expansion and testing of new ominous techniques. Elliptic is the preeminent provider of blockchain-based monitoring solutions for regulatory acquiescence and risk management by cryptocurrency businesses and financial organizations globally.

Money laundering is the method of obscuring money transfers arising from criminal activity. Billions of dollars of illegal yields are laundered through cryptocurrencies every year. Recent elevations in Deep Learning (DL) for graph or network structured data show hope for identifying bad actors in complex money laundering schemes. ML is already used within Elliptic's products to detect cryptocurrency transactions associated with sanctions violation, money laundering, or terrorist financing. The insights are utilized by clients, including financial institutions and cryptocurrency exchanges, to meet their compliance responsibilities.

Elliptic authorizes financial institutions and crypto businesses to assuredly manage economic crime risk and deliver safe and trusted services on the blockchain. The organization has evaluated the risk for cryptocurrency transactions worth over a trillion dollars, revealing activities associated with money laundering, sanctions evasion, fraud, terrorist fundraising, and other financial crime. Elliptic is the worldwide standard for administrative compliance in cryptocurrency. 

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