A few major crypto exchanges were accused of faking bitcoin trading volumes from a blockchain data research company after they issued a report and in today’s blockchain news we find out more about the report.
According to the report, only three crypto exchanges were found ‘’not guilty’’ namely Bitfinex, Liquid and Binance. The Blockchain Transparency Institute claims that these three exchanges are not ‘’grossly wash trading their volume.’’
Binance and Bitfinex are believed to not inflate their volumes. One of those who do belong to the list of ‘’suspect’’ exchanges is OKEx. This exchange is found to be engaging in wash trading after it was processed through the Exchange Advisory algorithms. The blockchain research company noted:
‘’OKEx has been moved to our Exchange Advisory List as we found just about all of their top 30 traded tokens to be engaging in wash trading when processed through our algorithms. It appears they have benefited the most from the CMC referral traffic, as our estimated adjusted volume for them would still keep them in the top 10.’’
Other crypto exchanges found guilty of wash trading are Huobi and HitBTC.
The Blockchain Transparency Institute managed to analyze volumes from Bithumb-the South Korean based crypto exchanges and it was found out that the exchange has engaged in wash trading with altcoins such as dash, monero and zcash.
The thing that raised suspicion about the dubious exchanges’ activities was the concentration of trades in a one-hour period. More than 90 percent of Bithumb’s trading volume occurred around 11 AM.
All of the exchanges on the list didn’t respond or comment on the allegations.
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