Bitfinex introduced the Shimmer tool to track suspicious transactions

   The Bitfinex Crypto Exchange introduced the new Shimmer tool for tracking suspicious transactions, combating money laundering and ensuring security.

Bitfinex said the new tool is an improved control system that will help identify market fraud and suspicious transactions on the exchange. Shimmer aims to ensure legitimate trading, to protect client funds and data. If any strange transactions are detected, information on such transactions will be transmitted to a specialized Bitfinex team, which will decide on further actions depending on the complexity of the situation.

According to the developers, Shimmer blocks "fictitious transactions" if a trader buys and sells cryptov currencies in order to disorient the market and mislead users about the supply and demand for certain assets. Bitfinex Technical Director Paolo Ardoino explained that all measures taken will act in the interests of the Bitfinex community to provide users with a safe trading environment. In December, Bitfinex implemented the Chainalysis KYT tool to monitor suspicious transactions and regulatory compliance.

This initiative may seem strange to many, as Bitfinex itself was previously suspected of market manipulation. Moreover, Bitfinex and the issuer of Tether has been repeatedly sued for issuing unsecured tokens tied to the US dollar, bank fraud, money laundering and influencing the exchange rate of Bitcoin in 2017. However, the exchange considers these allegations to be unsubstantiated and continues to defend its interests.