Blockchain Transparency Institute (BTI), a distributed ledger technology data research firm has published an interesting report. It accuses big cryptocurrency exchange of faking bitcoin trading volumes. This is reported by CCN.
Report says that only 3 big exchanges - Bitfinex, Liquid and Binance are not fooling the community.
BTI Exchange Data Faking List
OKEx has been moved to our Exchange Advisory List as we found just about all of their top 30 traded tokens to be engaging in wash trading when processed through our algorithms. It appears they have benefited the most from the CMC referral traffic, as our estimated adjusted volume for them would still keep them in the top 10. Based on information we’ve received from many tokens in the space, the average project spent over $50,000 this year in listing fees from exchanges on our Advisory List. This adds up to an estimated $100,000,000 stolen in 2018 from the crypto ecosystem and with over 50 exchanges wash trading over 95% of their volumes, this is a 500K a year scheme, with some exchanges making over one million dollars this year just from collecting these fees.
Researchers claim that it's all made to collect large listing fees. BTI says "estimated $100,000,000 stolen in 2018 from the crypto ecosystem".
CCN has contacted Huobi, OKEx, and HitBTC for comment on the situations, but no reply was received on the press time.