Scottsdale, AZ -- (SBWIRE) -- 06/21/2018 -- South Korea's Bithumb cryptocurrency exchange was hacked, and the attackers absconded with ~$31 million of digital assets, according to reports. However, it was only weeks ago that the exchange touted its IT and IT security budgets on Twitter, asserting that they employed more resources than required by industry regulation. This is a familiar position for Bithumb. Back in June 2017, the same exchange was hit for tens of thousands of dollars' worth of cryptocurrency. At the same time, data belonging to more than 30,000 customers was compromised.
Meanwhile, Modulus Global, a US-based developer of ultra-high-performance trading technology that powers global equities, derivatives, and cryptocurrency exchanges, plans to announce the formal launch of a new high frequency exchange solution next week.
"We've known for a long time that the biggest risk to the cryptocurrency movement is a lack of security," said Richard Gardner, CEO of Modulus Global. "In less than two weeks, two major exchanges have been hacked. That's indicative of a systemic problem."
Long considered a leader in the financial technology segment, Modulus has been developing high frequency trading systems and exchanges for over twenty years, and it boasts a client list which includes Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, NASA, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and University of Chicago.
"The new exchange solution features built-in trade surveillance based on machine learning, which uses pre and post trade data to monitor and prevent market manipulation and money laundering in real time," noted Gardner. "We knew we had to build a system that prepared for future regulation while addressing the current crisis."
The exchange solution was designed with future cryptocurrency regulation and compliance in mind. "Our world-class stable of security experts evaluated every potential risk and vulnerability, incorporating features which would disarm such attempts to breach an exchange," says Gardner. The system was developed in a new programming language that offers greater security and performance than most cryptocurrency exchanges provide.
About Modulus Global
Since 1997, Modulus has provided advanced financial technology products and services to professional traders, brokerages, trading firms, and educational, governmental, and non-profit institutions throughout 94 countries. The company's products and services reach millions of users around the world.
For more information about Modulus Global, please visit www.modulusglobal.com and follow the company on LinkedIn.
To schedule an interview with CEO Richard Gardner, contact Modulus Chief Communications Officer, Charles Catania at c.catania@modulusglobal.com.