TLDR:
- many of the exchanges with high daily volumes are faking transactions,
- OKex being the main suspect with 92.9% fake volumes
- Huobi the 2nd on the list, 81.8% fake volumes
- most of the chinese exchanges are faking it hard: Lbank, Exx, RightBTC, CoinEgg, Zb, BitZ, Bibox, CoinEx, BTC-Alpha
Original post on Medium (13k+ claps):
https://medium.com/@sylvainartplayribes/chasing-fake-volume-a-crypto-plague-ea1a3c1e0b5eWhy should you care?
One may argue that since its not a regulated market its not even illegal, why shouldnt they do what they want?, and one would be wrong. Precisely because the market is not regulated the responsibility behooves the market actors themselves. Spreading awareness and boycotting exchanges that endorse this practice is the least we can do.
One may argue that well theyre not hurting anyone, and one would be wrong. First of all, by inflating their volume, they position themselves in a way that could allow them to defraud gullible investors. More importantly, if youre neither gullible nor a VC investor they can and they do have an impact on some cryptocurrencies valuation. Litecoin and Bitcoin Cash notably, have had as much as 75% of their volume circulating on one or the other of these exchanges. OKex alone consistently accounts for over 30% of either currencys volume.