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Vandana Malik
Mar 24, 2020
by Vandana Malik

Bitfinex Released ‘Shimmer’ to Spot Suspicious Market Activities

Bitfinex
Bitfinex, one of the major crypto exchanges has released ‘Shimmer’. It is a tool which will be used to find out different suspicious activities in the crypto market. Since the creation of cryptocurrency, the market has seen a lot of cyber crimes and scams every now and then.

This step taken by Bitfinex is just to prevent all such activities which led towards scams.

Surveillance team of Bitfinex will look after the situation 

Through a press release, Bitfinex has announced that it will ensure full safety of the funds and data with the help of Shimmer. It will track all the suspicious trade practices and a proper investigation will be done for such activities.

If any such activity will be traced by Shimmer then it will forward it to the surveillance team of Bitfinex. This will help the firm to take some strict action in this regard by finding out proper information.

Paolo Ardoino, CTO of Bitfinex has said that different actions will be taken against such activities as it will be dependent on the seriousness of the issue. With the help of this newly developed tool, a safe market will be provided to everyone.

This could also be seen as a major step to increase the reliability of the people towards the firm.

New York  Attorney General’s office investigating iFinex

A lawsuit was filed against the parent company of Bitfinex which is iFinex by the New York Attorney General’s office. The company was involved in illegally using Tether reserves which will be used to replace $850 million funds. All these funds that will be used in the fraud were of Bitfinex users.

The company has also said that they are trying their best to release the money of the users. Yet, the Attorney General was not at all satisfied by the statements made by the company.

The company has also said that a $100 million loan was paid off by them in February.

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    Bitfinex Released ‘Shimmer’ to Spot Suspicious Market Activities
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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