you didn't say anything about fake volumes and price manipulation what results from that. 
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Price manipulation occurs to a greater or lesser extent in all markets. It doesn't prevent arbitrage happening. If the price on one exchange is lower than another exchange, or I can buy something cheaper OTC than I could on an exchange - it will be profitable for me to buy while simultaneously selling on the second exchange. Price manipulation doesn't matter to me while I do this. Neither does volume, fake or otherwise. All that matters is the difference between the buy price and the sell price - the profit I make.
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Price manipulation occurs to a greater or lesser extent in all markets. It doesn't prevent arbitrage happening. If the price on one exchange is lower than another exchange, or I can buy something cheaper OTC than I could on an exchange - it will be profitable for me to buy while simultaneously selling on the second exchange. Price manipulation doesn't matter to me while I do this. Neither does volume, fake or otherwise. All that matters is the difference between the buy price and the sell price - the profit I make.
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