Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
The Elliptic2 dataset is orders of magnitude bigger than the one used when the team began using machine learning to detect money laundering with bitcoin back in 2019.
Blockchain analytics firm Elliptic said it detected potential money laundering patterns on the Bitcoin blockchain after training an artificial intelligence model using a record 200 million transactions.that used a dataset of only 200,000 transactions. The much larger"Elliptic2" dataset made use of 122,000 labeled"subgraphs," groups of connected nodes and chains of transactions known to have links to illicit activity.
Many of the suspicious subgraphs were found to contain what are known as"peeling chains," where a user sends or"peels" cryptocurrency to a destination address, while the remainder is sent to another address under the user's control. This happens repeatedly to form a peeling chain.
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