On May 28th, The Block released an analysis of the amount of false transactions on cryptocurrency exchanges. Based on Similarweb data, the article compares the traffic of websites over the past six months with the volume of transactions on each exchange to determine which exchanges are involved in counterfeiting transactions. Some of the conclusions are as follows: 1. The exchange with the highest ratio of “volume/web traffic” is considered to be most likely to have a large number of fraudulent transactions, including: Coineal, Fatbtc, BW, BitMax, LBank, DOBI Exchange, Bit-Z, DigiFinex, Idcm, etc. 2. In the past six months, the total reported volume was $1.96 trillion, of which only $272.5 billion was for real trading volume, and about 86% of transactions were fake. About 65% of the real trading volume comes from Binance and Bitfinex, and the two exchanges actually have no regulation. In addition, the article also mentions that although in theory the website traffic can be manipulated like a transaction volume, it is difficult to operate in a large and convincing manner. Due to the existence of firewalls and VPNs, network traffic from China may also be underestimated.