Researchers from Elliptic, IBM Watson and MIT have used AI to detect money laundering on the Bitcoin blockchain. Back in 2019, blockchain analytics firm Elliptic published research with the MIT-IBM Watson AI Lab showing how a machine learning model could be trained to identify Bitcoin transactions made by illicit actors, such as ransomware groups or darknet marketplaces.

Now the partners have put out new research applying new techniques to a much larger dataset, containing nearly 200 million transactions. Rather than identifying transactions made by illicit actors, a machine learning model was trained to identify “subgraphs”, chains of transactions that represent bitcoin being laundered.

Identifying these subgraphs rather than illicit wallets let the researchers focus on the “multi-hop” laundering process more generally rather than the on-chain behaviour of specific illicit actors.

Working with a crypto exchange, the researchers tested their technique: of 52 money laundering subgraphs predicted and which ended with deposits to the exchange, 14 were received by users who had already been flagged as being linked to money laundering. On average, less than one in 10,000 accounts are flagged in this way “suggesting that the model performs very well,” say the team. The researchers are now making their underlying data publicly available.

Says Elliptic: “This novel work demonstrates that AI methods can be applied to blockchain data to identify illicit wallets and money laundering patterns, which were previously hidden from view. “This is made possible by the inherent transparency of blockchains and demonstrates that cryptoassets, far from being a haven for criminals, are far more amenable to AI-based financial crime detection than traditional financial assets.”

Binance has announced the introduction of the Binance Crypto Price Widget as part of its ongoing effort to make cryptocurrency trading both more accessible and more widely understood.

The Binance Crypto Price widget is an easy to install, easily integrated tool that provides value to website visitors by sharing live, reliable updates on top cryptocurrency prices from the largest cryptocurrency exchange in the world.

“Websites benefit from the widget because it offers an engaging, interactive experience for visitors,” points out Binance’s Director in West & East Africa, Nadeem Anjarwalla. He further explains that the widget delivers news around prices, data and developments in the crypto world. “By providing this information, visitors are encouraged to spend more time on the site. But, more than this, because the information is credible and reliable, the website gains a reputation for credibility and reliability, too. In this way, it is able to build an audience who are regular to check in regularly with a source they trust.”

The information on offer is extremely comprehensive, offering live prices of up to 10 cryptocurrencies as well as fiat currencies. The widget is flexible, too, with website owners able to choose a customizable price, while the appearance can also be customized to match the website design and branding. Owners can also choose to integrate the widget as a ticker providing real-time feeds, or a blog.

Anjarwalla says that the widget can be installed directly onto a website with just a few clicks, starting with a visit to the Binance Crypto Price Widget page. “From there, website owners choose the appropriate code and paste it onto the location on their own website where they would like visitors to access it.”

The benefits for visitors are clear, too: having access to up-to-the-minute information for the most popular cryptocurrencies, from the world’s largest cryptocurrency, is a major advantage for those wishing to build their crypto portfolio.

“We realise that, for many would-be investors, the world of crypto remains difficult to understand and somewhat daunting. Tools like the Binance Crypto Price Widget have been made available specifically to change this mindset and to make investing more simple for everyone,” Anjarwalla concludes.

Mastercard is teaming up with Web3 players on an on-chain identity and verification framework covering a variety of applications in payments, remittances, ticketing and NFTs.

Mastercard Crypto Credential is designed to help companies, developers, and individuals to realise the full potential of powering payments, commerce, and economic value on-chain and across borders.

Among the partners onboard are crypto wallet providers Bit2Me, Lirium, Mercado Bitcoin and Uphold, which are working on an initial project to enable transfers between the US and Latin America and the Caribbean corridors.

The company is also teaming up with public blockchain network organisations Aptos Labs, Ava Labs, Polygon and The Solana Foundation. Aptos says it is among the shortlist of blockchains to enable the identity and attestation element of sending and receiving funds through Web3.

The partners also intend to explore the utility of identity-oriented Web3 solutions use cases like NFTs, ticketing, enterprise, and payments.

Raj Dhamodharan, EVP, digital asset and blockchain product and partnerships, Mastercard, says: “With Mastercard Crypto Credential, we can help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue.

“Mastercard Crypto Credential will not only define verification standards and levels, but also provide necessary enabling technology to help bring more use cases to life.”

Separately, Mastercard has signed up another six blockchain and digital asset startups for its StartPath programme, giving participants training, access to channels and customers as well as subject matter expertise, and an opportunity for technical collaboration. The new members are Axelar, Cheeze, Coala Pay, Qonbay.io, RociFi Labs and Suberra.