Right, all Livecoin wallets are being shown together as being on one wallet. If you look at the token transfers on etherscan, most of them will show the incoming transfer, then an outgoing transfer of the same amount to that address. Each Livecoin user has their own deposit address but once coins are sent there, they are pooled together on one address. When a withdraw is executed by a user, you can see that the transfer is a also two step process if the sending address is on Livecoin. Only deposits to and withdraws from Livecoin addresses are recorded on the etherscan blockchain ledger. The internal trades are not blockchain transactions and are conducted centrally on Livecoin's server.

Arbitrade is a decentralized exchange and from what I understand, every trade on the Arbitrade exchange will be an actual blockchain transaction, as opposed to being central server side shuffling around like Livecoin does. Until the launch of Arbitrade, I don't believe there is an exchange that functions like this. This adds more security too. Technically speaking, all coins on Livecoin are controlled by Livecoin on their address which pools the coins together. I can't wait to see Arbitrade is action resolving this!