Warsaw, Poland–(Newsfile Corp. – November 30, 2021) – MarketMove – an AI driven DeFi platform, claims to have solved the growing problem of cryptocurrency scams thanks to their just released AI Safety Audit feature. With the rapidly increasing adoption rate, scams have become ubiquitous, especially on the easily accessible Binance Smart Chain.
The most common fraudulent practices in the industry are often referred to as ‘rugpulls’. They occur when the creator of the token drains the entire liquidity pool, rendering the token worthless. A great recent example is the Netflix tv series inspired token – ‘Squid Game’. The owners of the contract held a large percentage of the total supply and they were able to empty most of the liquidity pool with a single trade. The moment was famously captured live by an online streamer and has since gone viral across social media.
Another common practice used by token creators is blocking the ability to sell, creating so-called ‘honeypots’. This method keeps all of the investors’ money locked using a function hidden in the tokens’ code. This type of scam can however be easily avoided thanks to advanced tools such as MarketMove’s’ AI Safety Audit.
Everyday, hundreds of new tokens are being created and listed for trading. MarketMove’s AI safety audit can keep up with this and scan every new token; the tool is constantly evolving, recognizing new methods used by fraudsters. The platform provides investors with all of the obtainable details of the audited project, covering key aspects of a token such as the contract and financials. Currently token creators use external auditing companies to verify their contract in order to build credibility among investors. These audits are done manually and therefore require a lot of time and capital to be completed. Thanks to MarketMove’s revolutionary AI based platform, token creators and investors are able to instantly access audits free of charge.
With wider adoption of the platform, auditing will become a force of habit for all investors thus drastically decreasing the profitability of creating fraudulent tokens with the intent of stealing investors funds. Unfortunately, fraudulent activity is always evolving and cannot be completely eliminated. The use of tools, no matter how powerful, will never fully guarantee the safety of a given project, it can however drastically limit the number of scams and increase profits for early investors in the rapidly growing, up and coming industry.
MarketMove’s main goal is to make crypto investing safer and more accessible for both new and experienced investors. Apart from the AI Safety audit, the platform offers an industry leading charting experience and has many trading related features planned for the upcoming months such as limit orders and stop losses. The team behind the project also takes deep inspiration from their highly engaged community of everyday traders, whose input is key in creating the ultimate DeFi platform that aims to become the go-to platform for every crypto investor regardless of experience.
For AI safety audits visit app.marketmove.ai.
Michael Novack, CEO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105559
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