A few days ago, yet another Ethereum dApp suffered a multi-million dollar hack. KickICO, a blockchain adaptation of crowdfunding platforms like IndieGogo and Kickstarter, lost 70 million of its native token Kick, worth around $7.7 million at the time.
Modulus CEO Richard Gardner, like many professionals in the space, has had just about enough of these multi-million dollar hack saga. Referring to the recent KickICO meltdown, Gardner, while acknowledging the team’s commitment to reimbursing users for the loss, wants to put an end to the “bad headlines.”
“We should applaud the entities which are committed to trying to right the wrongs of cyber-criminals. But, we also must be honest and admit that such half-measures are just not good enough anymore. Those that choose to operate in the industry must utilize every available measure to protect their customers,” Gardner said.
“The true cost of this attack is hard to measure,” he added. “How many more security breaches will the industry be able to sustain? It’s hard to tell. What we do know is that the industry needs to be more vigilant in matters of security. We must self-police. We must end the bad headlines.”
Modulus is a firm focusing on delivering advanced financial technology products and services, offering solutions for cryptocurrency exchanges and trading using AI. They recently launched the world’s fastest exchange solution with 40 nanosecond latency.
Gardner has been actively engaging in discussions about cryptocurrency security, policies, and practices. And they’ve also been hard at work on a solution to counteract manipulation, corruption, and abusive practices within the crypto market—their recently launched Modulus Market Surveillance & Risk Management Solution, a market surveillance software that can help exchanges with self-monitoring.
“If the crypto-community wants to weather the coming regulatory storm, they are going to have to put resources into self-policing,” he said.
“In the old days, surveillance and risk management were separate functions. But that doesn’t make sense,” Gardner said. “Why bother measuring dangerous behavior when you can’t stop it? Now, you can. Our solution employs an ultra-low 40-nanosecond latency—that’s 40 billionths of a second—and utilizes machine learning to outperform anything on the market.”
Gardner says the product will aid in keeping exchanges compliant with looming regulations—which he says are absolutely coming, whether companies are prepared or not.
“Make no mistake, regulation is coming,” Gardner professed. “You can wait until it arrives, or you can prepare now and stay ahead of the eight ball. The Modulus solution ensures you’re adhering to regulatory guidelines and the rules that govern trading conduct.”
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