$3 Million Raised To Fight Crypto Market Manipulation By Solidus Labs

A press release shared today from Solidus Labs shows that $3 million was raised to fight crypto market manipulation by the trade surveillance team of the company whose team consists former Goldman Sachs engineers and we are explaining some more in the latest crypto news today.

The company report aims to help crypto service providers and traditional ones as well to be compliant while trading with digital assets.

In the latest funding round that was led by an Israeli venture-capital firm named Hanaco Ventures, the team aims to develop the crypto market surveillance tools and the way exchanges interact with crypto assets. After implementing artificial intelligence and other machine learning technologies, Solidus can track trading patterns and can detect anomalies in real time.

Solidus Labs’ software has managed to reduce the trading manipulation by nearly 30 percent which led to improving the manipulation detection techniques. Back in December, the Social Science Research Network revealed that there are hundreds of pump-and-dump trading individuals or groups that join popular messaging apps and the platform identified about 4,818 attempts between January and July in 2018.

Also recently, a United States Commodity Futures Trading Commissioner argued against the decision of the Securities and Exchange Commission to reject Bitcoin exchange-traded fund (ETF) because the crypto manipulation should not be considered as a barrier to the decision. He continued to elaborate that any product that has enough resources can be manipulated. Any product based on an index than a commodity could turn up to be used as a potential market manipulation tool according to the commissioner.