Major Cryptocurrency exchange Bitfinex hasn’t started off 2020 on a good note. Just last month the exchange underwent a severe distributed denial-of-service (DDoS) attack that rendered the platform useless for a while. While no funds were lost, fingers were pointed at the controversial exchange.
A New Tool
Now the popular exchange has announced a proprietary surveillance tool, that is aimed at helping combat “market abuse” and facilitate “orderly trading.” Titled “Shimmer,” the tool would help track manipulative behavior and fishy trading practices to improve the integrity of the crypto market.
The crypto market is often manipulated and those not careful enough are often the victims. In order to prevent this from happening, the new tool would leverage the expertise of the company’s market surveillance team. The team would be alerted, in case a potential improper trading activity is spotted on the platform, via email summaries of suspicious trading patterns across all trading pairs listed on the exchange, including futures and margin funding products.
Shimmer is designed to work with Bitfinex’s distributed, multi-threaded and multi-process matching engine Hive, and will help reduce foul practices like wash trading. Bitfinex CTO Paolo Ardoino said:
“Comprehensive market and trade surveillance capabilities are integral to operating a leading cryptocurrency exchange. To meet the complex needs of an evolving digital asset class and to protect our sophisticated participants; Bitfinex has chosen to develop its own state-of-the-art surveillance system.”
Delisting amidst crisis
Apart from this new surveillance tool, the exchange recently removed 87 crypto trading pairs from its platform to optimize customer trading experience and combat the low liquidity.
The pairs related to Bitcoin and Ethereum are: Dether (DTH/BTC), (DTH/ETH); DATA (DTA/BTC), (DTA/ETH); Bancor (BNT/BTC), (BNT/ETH); SingularityNET (AGI/BTC), (AGI/ETH); Request (REQ/BTC), (REQ/ETH), among others.
The Ethereum-only pairs included: Dragonchain (DRN/ETH), Monolith (TKN/ETH), Essentia (ESS/ETH), Hydro Protocol (HOT/ETH), Content Neutrality Network (CNN/ETH), MobileGO (MGO/ETH), Melon (MLN/ETH), Rate3 (RTE/ETH), YOYOW (YYW/ETH), POA Network (POA/ETH), among others.
The list of Bitcoin-only pairs includes Cortex (CTX/BTC), Fusion (FSN/BTC), Mithril (MITH/BTC), Aelf (ELF/BTC), Seer (SEE/BTC), Project Pai (PAI/BTC), Cindicator (CND/BTC), Recovery Right Token (RRT/BTC), Auctus (AUC/BTC), FunFair (FUN/BTC).
Finally, the Tether-related tokens that will be delisted are ZB Token (ZB/USDt) and Dragon Token (DT/USDt).
Users can cancel any open orders with such pairs before March 26, following which, user’s open trades will be automatically canceled by the system.