A new study, whose results were published this week Blockchain Transparency Institute (BTI), showed that more than 70% of the 100 leading bitcoin exchanges in the ranking CoinMarketCap involved in the laundering transactions, significantly increasing the amount of trades. This writes Bitcoinist.
A little over a month ago, the administration CoinMarketCap responded to the allegations that posting false data on the trading volumes on the stock exchanges, a popular analytical portal thereby indirectly supports the so-called washout of the transaction.
It was also stated that measures will be taken to ensure the integrity of the data on the volume. After that, you have added several new metrics, including adjusted data on volumes.
However, the BTI researchers insist that the exchange continued to overestimate their volumes. In particular, by counting the data for 130 exchanges, they came to the conclusion that more than $6 billion daily volume stated is a fake. It is more than two thirds of the total volume of all trading platforms.
Things are worst in these exchanges, as BCEX, which increases its volume more than 22,000 thousand times, LBank (4400x), Bit-Z (more 469x), ZB (more 391x) and Bibox (more than 85x).
After adjustment of the data in the new study, the leading US exchange Coinbase has risen to third place, fourth place went to Bithumb, overtaking when it is considered the largest in South Korea Upbit. The latter is currently under investigation authorities on suspicion of fraud and money laundering, though the recent audit found no fraud in the management activities of the exchange or manipulation of custom tools. However, according to BTI, the volume of trading on Upbit inflated 11 times.
First place in the list of BTI is Binance with its huge number of unique visitors, the second place at Bitfinex, which earlier this year introduced new users of the requirement for a minimum Deposit of $10 000.
A significant part of the exchanges, CoinMarketCap which is in the Top 25, ranking while BTI was not even in the top hundred. Most of them, say the researchers, is made like a blueprint, using the same user interface and trading engine.
Top 20 alternative rating of BTI. Source: blockchaintransparency.org
The best results of alternative ranking was at Kucoin and Cryptopia – on CoinMarketCap if they are on 58th and 90th places respectively, analysts BTI given a 19th and 24th place. It is noted that a significant portion of users of these exchanges trades on low volumes of coins with a low market capitalization.
Earlier in August, the Wall Street Journal reported that in the first six months of 2018 due to the manipulation of the exchange rate using the “pump and dump” trading group in Telegram and other social networks could make $825 million
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