🚀🔍Blockchain analytics firm Elliptic is making headway in using AI to sniff out Bitcoin money laundering! 🧠💡In collaboration with MIT-IBM Watson AI Lab, they've successfully identified illicit proceeds, money laundering transactions, and previously unknown illegal wallets using a deep learning model.

💼🔬Instead of focusing on individual transactions, the model is trained to recognize "subgraphs" - chains of transactions that indicate Bitcoin laundering. This allows Elliptic to focus on the broader laundering process rather than individual criminal actions.

🎯🔮In a test with an undisclosed cryptocurrency exchange, the model predicted 52 "money laundering" subgraphs ending with deposits to the exchange. 14 were confirmed to be linked to flagged users, indicating the model's strong performance.

📊🌐AI tools are proving their worth in analyzing large data sets to flag patterns beyond human perception. In fact, AI agents are projected to dominate the blockchain sector in 2024 to establish a more secure and efficient ecosystem.

🎉🎈Elliptic's progress is a big win for the Bitcoin community, demonstrating the potential of AI in combating financial crime in cryptoassets. 🏆🥳

Stay tuned for more exciting developments in the world of Bitcoin! 🌍💫