Bitfinex Introduces Shimmer Suspicious Transaction Tracking Tool

Cryptocurrency exchange Bitfinex introduced a new tool called Shimmer to track suspicious transactions.anti-money laundering and security.

Bitfinex stated that the new toolis an improved control system that will help identify market fraud and dubious transactions on the stock exchange. Shimmer is aimed at ensuring legitimate trading and protecting client funds and data. If any strange transactions are detected, information on such transactions will be transmitted to the specialized Bitfinex team, which will decide on further actions depending on the complexity of the situation.

According to the developers, Shimmer blocks“dummy trades” if a trader buys and sells cryptocurrencies with the purpose of misleading the market and misleading users regarding the supply and demand of certain assets. Bitfinex CTO Paolo Ardoino explained that all measures taken will be in the best interests of the Bitfinex community to provide users with a safe trading environment. In December, Bitfinex implemented the Chainalysis KYT tool to monitor suspicious trades and comply with regulatory requirements.

To many, such an initiative may seemstrange, because Bitfinex itself was previously suspected of market manipulation. Moreover, multiple lawsuits have been filed against Bitfinex and stablecoin issuer Tether, accusing the companies of issuing unbacked tokens pegged to the US dollar, bank fraud, money laundering, and influencing the price of Bitcoin in 2017. However, the exchange considers these accusations unfounded and continues to defend its interests.

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