Analytical service CER accused South Korean crypto currency exchange Bithumb of falsification of the volume of trades. However, the platform denied the allegations, writes Forbes.
In September Bithumb took first place in CoinMarketCap ranking by trading volume. Then the average daily turnover in the South Korean stock exchange was $350 million on November 11 Bithumb users made transactions worth us $4.4 billion, which is 12 times larger than the September figures. At the moment, according to CoinMarketCap, the average daily trading volume on the exchange equal to $2.5 billion.
Specialists CER examined data resource CoinMarketCap and came to the conclusion that Bithumb creates an artificial activity on the platform, thereby inflating trading volume. In CER also state that the dynamics of the trading volume is not related to price fluctuations on the stock exchange.
“According to our study of graphs Bithumb, we see signs of manipulation of the trading volumes, in particular, by using fictitious transactions”, — said the analysts of the CER.
The researchers also found suspicious activity on the exchange in the first minutes of the start of the day. Committed in the time of the transaction was 95% of the total daily trading volume.
In turn, the team Bithumb said that all these accusations are groundless.
“Bithumb does not sell coins, supplied by miners. The exchange attracts new clients to a variety of stocks like any other company in the world, as any ordinary business”, — said the representative of the Forbes platform.
Experts CER has promised to publish a full study to prove fraud Bithumb.
We will note, in August analysts Blockchain Transparency Institute stated that daily cryptocurrency exchanges overstate the trading volume at $6 billion.
We will remind, in November the South Korean Bithumb surpassed the trading volume of the popular crypto currency exchange Binance.
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