Scottsdale, Ari. – August 9, 2018 – Sunday, The Wall Street Journal published a report charging price manipulation within the crypto industry. The article blamed pump and dump schemes for artificially increasing, then crashing, the value of cryptocurrencies, allowing the trading groups carrying out these attacks to scamper off with a huge profit. Revenue from such pump and dumps is estimated to have reached $825 million in the first half of 2018.
“These trading groups conspire to defraud innocent investors out of hard-earned money,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and cryptocurrency exchanges.
This new report comes on the heels of a paper published by University of Texas at Austin researchers, which claimed that the rise in cryptocurrencies were fueled, at least in part, by price manipulation.
“There’s a point when reasonable people look at the headlines and decide that it isn’t just a series of coincidences… that, instead, it is a systematic attempt to swindle casual investors,” said Gardner. “But, that’s not the whole truth, of course. The crypto industry isn’t a collection of fraudsters. Instead, it is an industry based on advanced technologies which are destined to change the world. That’s why the industry must self-regulate and protect the public from this chicanery.”
Last week, Modulus launched a Market Surveillance & Risk Management Solution which enables cryptocurrency exchanges to utilize machine learning to guard against malfeasance within markets and between market participants, providing trade surveillance and pre-trade, at-trade, and on-trade risk management, along with customizable alerts and reports identifying market manipulation, abusive trading behavior, and money laundering.
“Cleaning up the industry is important to Modulus. Blockchain technology and digital currencies are destined to improve the lives of millions. Just consider the implications for the unbanked alone. There is tremendous social good which will result from this rather fantastic technological experiment. But that will only happen if the movement lives long enough to see it. That’s why fraud within the crypto industry must be stopped. And, until regulation normalizes the industry, it is incumbent upon us to self-police,” said Gardner.
Modulus has been developing high frequency trading systems, exchanges, trade surveillance systems, and risk management systems for over twenty years. Clients include Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Morgan Stanley, HSBC, TD Ameritrade, CME Group, and thousands of other clients in over 90 countries.
About Modulus Global:
Since 1997, Modulus has provided advanced financial technology products and services to professional traders, brokerages, trading firms, exchanges, and educational, governmental, and non-profit institutions throughout 94 countries. The company’s products and services reach millions of users around the world.
To schedule an interview with CEO Richard Gardner, contact Modulus Chief Communications Officer Charles Catania at [email protected], or via telephone at 860-299-3689.
This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of CryptoMode. This is not investment, trading, or gambling advice. Always conduct your own independent research.
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