Crypto tracking firm Elliptic is integrating artificial intelligence into its toolkit to catch hackers

The financial industry has been completely transformed by cryptocurrencies, which have enormous possibilities for investors. However, potential risks associated with cryptocurrency scams come along with this digital transformation. To trick gullible people, fraudsters take advantage of unregulated marketplaces and the attraction of quick gains. Hence, the Crypto Tracking firm Elliptic is integrating artificial intelligence into its toolkit for tracking blockchain transactions and handling risk detection.

"Using OpenAI's ChatGPT chatbot, we will be able to organize data faster and in greater amounts," Decrypt quoted Elliptic as saying. However, it has implemented certain use limitations and does not utilize ChatGPT plug-ins, either.

As an organization trusted by the world's largest banks, regulators, financial institutions, governments, and law enforcers, it's important to keep our intelligence and data secure," an Elliptic spokesperson told Decrypt. "That's why we don't use ChatGPT to create or modify data, search for intelligence, or monitor transactions," the company spokesperson said.

Identifying Cryptocurrency Scams

Understanding the warning signals of fraud is essential if you want to safeguard yourself from crypto fraud. Here are some crucial clues to help you spot possible scams:

A Failure to Comply with Regulations

Legitimate cryptocurrency initiatives follow legal guidelines and strive for transparency. Be aware of projects that attempt to operate in uncontrolled areas or that fail to provide clear information about their legal compliance.

Unsubstantiated Claims of Great Returns

Watch out for schemes that make exorbitant profits or guarantees of returns without providing any justification or prudent investment methods. An investment offer is a scam if it seems too good and a bit unusual.

Time c]Constraints for Investing

High-pressure techniques are frequently used by con artists to get victims to make rash financial decisions. Legal investments permit serious thought and thorough diligence. Avoid making snap decisions out of a sense of impending disappointment.

Insufficient Documentation and a Trustworthy Team

Genuine cryptocurrency projects often have a recognizable, trustworthy workforce with the necessary skills. Scammers may present false information about their team members or utilize fictitious identities. Examine the project's validity by looking for verifiable qualifications, professional profiles, and clear documentation.

Lack of Community Involvement and Internet visibility

Legitimate initiatives foster openness, regular updates, and strong community engagement. If a project doesn't have a credible website, robust social media presence, or a vibrant community, proceed with caution. Real projects value candid communication and promote investor involvement.