Major Exchanges Accused of Faking Volume by BTI

Blockchain Transperancy Institute reports that 80% of Bitcoin exchange trading volume is faked
29 December 2018   998

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
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.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   119

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.



 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.


Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.



Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.