Digital currency: exchange data fraud has long been exposed
August 26, 2018 16:24:33
CoinMarketCap is questioned by the exchange’s volume data fraud
According to ambcrypto, some cryptocurrency enthusiasts questioned CoinMarketCap on data fraud and mislead users. One of the evidences was from Singapore-based exchange, BitForex that shows 24-hour trading volume of more than $5 billion, far exceeding the previous number one. Previously, CoinMarketCap was also accused of assisting in Wash Trading. But CoinMarketCap blog responded, “When we list the exchanges, we will do our best to check with the exchange, and the APIs they’ve provide to us and will transmit the latest and most accurate data as much as possible.”
August 25, 2018 18:15:47
The report shows that about 2/3 of the daily trading volume is forged worldwide.
According to Bitcoinist, a study released earlier this week by the Blockchain Transparency Institute (BTI) revealed on the actual exaggeration of the exchange’s daily volume. The surveyed report shows the volume of the world’s 130 largest exchanges and it was found that more than $6 billion daily transactions were forged.
A comment on the trading volume of the exchange stated “if it’s really stated as the reported news, 2/3 of the exchange volume are fraudulent, this means setting currency volume could be increased. At this time, we can only choose the currency that the market is most concerned with, or the currency with the largest volume.
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