According to our calculations, among the Top-100 exchanges on CMC, there are 73 currently which are wash trading over 90% of their volumes. Thus, only about a quarter of the exchanges on CMC publish truthful information about their true volume of trades.
Many of these exchanges also post ghost orders and trade executions which never actually happened to try and create natural volume patterns (seen in the volume meters of the Lbank chart above ) that are not as obvious as the flat volume bars across the board seen in the OEX chart.
CMC still lists numerous scam exchanges in its Top-10 “Adjusted Volume” rankings. Its Top-10 list includes LBank, BW.com, Bit-Z, Coinbene, and OEX, which our data is shows wash trading rates at high levels from 96.9% up to 99.7%. This continues to be because CMC ranks exchanges by trading volume without any basic checks, which motivates trading platforms to report false data and rank higher, thus becoming more visible to users.