Larry Cermak, Research Director of The Block, said on Twitter: 1. Can we all acknowledge that the total USDT volume is completely irrelevant? Just like the total volume of BTC/ETH/XRP. The chart shows the current exchanges with the largest volume of Tether transactions. Maybe 10 of them have heard of it? 2. More than 50% of USDT's total volume comes from DOBI, BW, BitForex, OEX, CoinBene, IDAXm LATOKEN, Bit-Z, Bibox and Coineal. These exchanges are likely to falsify more than 95% of the trading volume. 3. Approximately 20% of the total volume comes from OKEx, DigiFinex, Firecoin, HitBTC and ZB. These exchanges have at least "some" real trading volumes, but they can be very few. 4. It is estimated that only about 5% of the total volume comes from exchanges that do not forge most of the trading volume. If I make a valid guess, at most 15% of the total USDT volume is true at any given time. 5. There are not a lot of forged exchanges for Coin, Bitfinex, Kraken, Bitstamp, Coinbase, BitFlyer, Gemini, itBit, Bittrex, Poloniex; possible forgery but not most exchanges are OKEx, Firecoin, HitBTC, Upbit, KuCoin, EXMO.