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As far as financial markets are concerned, there will always be individuals and groups who seek ways to make money in slightly shadier ways. The concept known as wash trading is a great example in this regard. While it is the most obvious form of market manipulation, it is also a very common practice in … Read more
The true size of the cryptocurrency market may be as little as 5 percent of its officially reported total. Coinmarketcap (CMC), the leading market data website, has been accused of unquestioningly publishing crypto exchange figures, despite compelling evidence of manipulation by many trading venues including a glut of Asian platforms. Now, a number of market … Read more
In this edition of The Daily, crypto exchange Upbit is preparing to delist four tokens, while several projects have accused Kucoin of suggesting market making services to pump their volume and avoid delisting. Also, crypto payment processor Paybear has rebranded to Savvy, and British online bank Revolut is hiring hackers to test its systems. Also … Read more
Officials at South Korea’s largest cryptocurrency exchange, Upbit, have been indicted for fraud. They allegedly made bogus crypto orders worth approximately $226 billion and sold 11,550 BTC to around 26,000 investors. Upbit has denied the charges and insisted that it did not commit fraud, engage in wash trades, or trade cryptocurrencies it did not own. … Read more
Cryptocurrency attracts a diverse crowd, from speculators to scammers, and from financiers to gamblers. These groups, and their often opposing aims, are what make the cryptoconomy such a strange yet compelling place. In today’s edition of The Daily, for instance, we’ve got stories pertaining to a Wall Street-funded futures exchange, another US platform ending its … Read more
Coinmarketcap (CMC), the web’s most popular cryptocurrency tracker website, has responded to accusations that it is implicit in supporting wash trading. This week, a platform called Crypto Exchange Ranks published detailed allegations of how CMC incentivizes exchanges to report fake volume. In a new blog post, Coinmarketcap has detailed its determination to support “transparency and … Read more
Bitforex, a cryptocurrency exchange that scarcely scraped the top 100 by trading volume until recently, has been accused of generating false trades on a mammoth scale. Crypto Exchange Ranks, which pulls in open source data from exchange APIs, has published a report in which it accuses Bitforex of creating fake volume and Coinmarketcap (CMC) of … Read more
Following a Bloomberg News expose, alleging market manipulation of controversial alternative token Tether (USDT) on its exchange, Kraken fires off a savage blog post mocking journalists and defending their business’ integrity. Also read: Red Flag Waved in Tether’s Relationship with Kraken Exchange Kraken Goes Savage On Bloomberg On Tether: Journalists Defy Logic, Raising Red Flags … Read more
This summer, over 50,000 trades on popular crypto exchange Kraken, concerning the very controversial alternative coin tether (USDT), were analyzed by journalists, an academic, and a former US Federal Reserve regulator. They describe activity monitored as highly unusual in that larger orders of tether failed “to sway prices much.” Red flags were raised due to … Read more
May was a bumper month for bitcoin cash and ethereum. Both digital assets saw a major increase in global trading volume compared to the month prior. BTC held steady, averaging $200 billion a month, but ripple didn’t fare so well, recording trading volume that was down 86% since January, mirroring its decline in price. Also … Read more
