Fresh dirt

  • 73 out of top 100 exchanges on CMC wash trade over 90% of their volume

    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,, 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.

  • Hotbit has horrible wash trading.

    Hotbit has horrible wash trading. It’s not even a trade it’s just numbers on the order history lol. But I have used the exchange (deposit and withdraw) with success about 4 or 5 times. I wouldn’t leave my funds on there at all though.Posted in r/CryptoCurrency by u/coffeesandtezzies • 49 points and 25 comments

  • One of the biggest scams to ever hit Crypto – Welcome to FCOIN Exchange (2018)

    Last year, the ethereum network was clogged to a halt after FCOIN Exchange, a Singapore based exchange backed by the former CTO of HuobI, Zhang Jian, began its voting process for its new series of “GPM Tokens.” Many seemed surprised that exchange in its infancy could have such a drastic effect on the network, and was even further surprised by the exchanges acclaimed 7 billion usd in daily volume. However, both the volume and the voting process were heavily manipulated to the benefit of the exchange. 

  • Executives at Korean Crypto Exchange UPbit Indicted for Fraud (2018)

    The Prosecutors’ Office of the southern district of Seoul has indicted three senior staff members, including founder Song Chi-Hyung, on charges of fraud. The executives are alleged to have made fraudulent transactions between September to December of last year, using a fake corporate account to make bogus orders worth $226.2 billion to inflate trading volume figures and attract more customers to the exchange. They are also accused of selling 11,550 bitcoins to customers to reap $133.8 million through rigged transactions.

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  • How and why exchanges are manipulating the price in order to capitalize on the new market dynamics (2018)

    The current market seems to be largely driven not by organic buying and selling, but by exchange driven manipulation of the spot market to exploit the current dynamics of leverage trading. Since the exchanges know the characteristics of the outstanding shorts/longs, and since volume is low after these pumps or dumps leading to sideways drift, they can essentially engineer movements in price that create income in terms of liquidations. When there are lots of overleveraged shorts, an exchange can pump the price with bots briefly and collect the short position. Same with longs but in reverse, a quick burst of selling pressure.