Crypto

Latest Crypto News: Crypto Tracking Firm Uses AI to Catch Hackers

Here are some of the latest developments from the world of crypto over the past few days

Latest Crypto News: Crypto Tracking Firm Uses AI to Catch Hackers
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Crypto analytics 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.

Launched in 2013, Elliptic provides institutions and law enforcement with blockchain analytics research for tracking cybercriminals and regulatory compliance related to cryptocurrency.

Atomic Wallet Attack: Investigation On As $35 Million Lost in Exploit

Millions of dollars worth of users’ cryptocurrency have reportedly gone missing among users of the self-custodial, decentralized Atomic Wallet. The project on Saturday acknowledged the compromise and said it was doing everything it could to investigate the apparent vulnerability, decrypt reported.

A wave of accounts on Twitter said their wallets’ contents had been drained of funds, sparking widespread concern throughout Crypto Twitter.

“This is seriously scary,” DeFi researcher Ignas said on Twitter.

“Atomic wallet, despite being around for years, still gets hacked,” Decrypt quoted Ignas as saying.

The project’s cryptocurrency wallet has more than 5 million downloads, according to Atomic Wallet’s website. It was originally launched in 2017 as Atomic Swap by CEO Konstantin Gladych, who is also the CEO of Changelly.com.

UK Lawmakers Call For Govt Role to Oversee Crypto Regulation

A group of UK lawmakers is urging the government to implement regulations for crypto financial services without delay, CoinDesk said citing a report from Crypto and Digital Assets All Parliamentary Group (APPG). The group, which consists of lawmakers from various political parties and both houses of parliament, emphasized the importance of immediate regulation for the enduring presence of cryptocurrencies. In their report, the APPG provided 53 recommendations for the regulation of crypto in the country.

Prime Minister Rishi Sunak's government recently concluded a consultation proposing the inclusion of cryptocurrencies within existing financial services regulations. CryptoUK, an affiliated lobby group with the APPG, responded to the consultation by expressing their desire for specific crypto regulations to be established within a year. The government has expressed its commitment to achieving this target.

Parliament is currently discussing bills aimed at granting lawmakers increased authority over the crypto sector and facilitating the ability of law enforcement agencies to seize and freeze cryptocurrencies.

Presently, crypto companies have to be registered with the Financial Conduct Authority (FCA) to operate within the country.

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