AI agents may be waiting for all crypto txs in 5 years – Chainalysis CEO
Government prosecutors and tax authorities will use artificial intelligence to investigate blockchain and “solve crimes” in the next five years, according to the CEO of Chinalysis.
“It's not too far off,” said Chinalysis CEO Michael Gronager when asked by Cointelegraph whether generative AI agents could be investigating governments on blockchain within three to five years.
“In a few years from now, crypto may more or less be the only way to solve crime because it's very scalable, it's very simple, it's very transparent, you can do it globally and you can see a lot more insights,” Grönager said at the Token2049 conference in Singapore on September 20. .
According to the CEO, generative AI will make these investigations more effective because it prevents different departments from interfering with each other – as opposed to many government agents.
Gronager speaking to Cointelegraph at Token2049 in Singapore. Source: Cointelegraph
These AI agents could even find crypto tax dodgers, but Gronager said people who spent money on a typical crypto transaction five years ago or more “will probably get away.”
“[There’s] Chances are you are [didn’t] You don't pay your taxes, not because you don't want to, but because you don't know how to do it.
But with crypto tax lawyers and software tools now more sophisticated, Grönager doesn't think excuses are enough anymore. The US Internal Revenue Service and other tax departments already use AI to track potential tax evaders.
Related: Germany seizes 47 crypto exchanges linked to ‘underground economy'
Gronager noted that crypto-miner protocols like Monero (XMR) and privacy tokens will make it harder for AI agents to track down criminals.
However, while the “absolute size” of crypto crime is on the rise, Gronager said privacy transactions account for less than 1% of all crypto transactions.
“If you look at the growth of privacy coins over the last five to 10 years, that hasn't followed the same growth path as everything else.”
In a report released on July 11, Chainalysis noted that since 2019, nearly $100 billion has been transferred from known illegal wallets to crypto exchanges or alternative conversion services.
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