(Image courtesy of 2Bitcoins.ru )
The Blockchain Transparency Institute (BTI) recently released a market monitoring report .
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According to the report, after several months of research, BTI found that more than 10% of the transactions in the currency were wash trading ("brushing"), fire coins exceeded 50%, OKEx was as high as 90%; in addition, in actual transactions Of the 40 largest exchanges, about 65% of Bitcoin transactions are forged, and almost all of the forged data comes from OKEx, Bibox, HitBTC and Fire.
False transactions into "hidden rules"
BTI found that out of the top 25 exchanges in CoinMarketCap ("CMC"), 17 transactions had more than 99% of fake volumes, including 35 exchanges in the TOP50. More than 60% of all exchanges ranked on the data website have almost no trading volume.
The following BTI intercepts the top 15 exchanges on CMC's day:
According to the above figure, the real trading volume of the exchange currency is the highest, reaching 87%, which means that its false trading volume is 13%; the real trading volume of the fire currency is 47%, and the false trading volume is as high as 53%; OKEx only 9% of transactions are real and false transactions exceed 90%. Other exchanges are different.
BTI also lists the top exchanges with real trading volume, as shown below:
In the past 30 days, exchanges with a cleaning transaction ratio of less than 10% have been marked as "BTI Verified". All of the original "BTI Verified" deals were 9 Coinbase, Upbit, Bittrex, Poloniex, Liquid, Kraken, Gate, Bitso and Lykke.
The largest exchanges in the US, South Korea, Japan, and Mexico were mentioned in the BTI's first report. BTI pointed out that the "cleanliness" of these exchanges are above 90%, and some exchanges including Coinbase and Upbit have a "cleanliness" between 97% and 99%.
“Kraken is the cleanest exchange we've found, with a 'cleanliness' of 99%,” the BTI report said.
BTI also pointed out that although they found that the ratio of Binance and Bitfinex cleaning transactions exceeded 10% and sent the data to the official, it has not yet been officially confirmed.
Bitfinex responded last week that their Irisium cleaning trading software is primarily aimed at the largest trading pair and is not targeted at medium and low trading pairs.
“Bitfinex's overall cleanliness has been around 88-90%, and the head trade pair has a cleanliness of over 97%,” BTI explained.
For the cleaning transaction of the currency security, BTI said that the currency security is basically clean, but there are still 30 transactions in the exchange involving cleaning transactions, which account for 25% of the total transaction volume. Up to 75%; the cleanliness of the coin is between 85-90%.
However, BTI also pointed out that some cleaning transactions may not be the intention of the exchange itself, but the project side to brush.
Wave field and ETC become the "frequent customers"
Currently, some exchanges have used BTI data to review and close accounts that are found to have fraudulent transactions. The relevant data is as follows:
After studying the existence of brushed exchanges, BTI found that many exchanges have the same trading engine and design. These technologies are supported by the third-party website Fiver, which can create cryptocurrency exchanges for only $850; for $100, the data can be swiped to the top 10 CMC by trading robots.
Currently, the total daily trading volume of all exchanges on CMC is approximately $50 billion. However, the algorithm eliminates false transactions, and BFI finds accurate figures of about $4-5 billion. Approximately 88-92% of the daily trading volume is based on the day's trading situation.
In addition, about 92% of Bitcoin's daily trading volume is forged. Of the 40 exchanges with the largest volume of transactions, about 65% of Bitcoin's daily trading volume is forged, and almost all of the forged data comes from OKEx, Bibox, HitBTC and Fire.
Which tokens are the most brushed? There are 150 tokens in the 567 tokens listed on the TOP 40 exchange, and their false transactions exceed 50% per day. Among the top 25 tokens in the market capitalization, the Ether and Tron brushes Most, the proportion of false transactions is as high as 85%, and ranked 24th and 25th in the entire token brushing list.
Most new stable currencies are also “frequent customers” of fraudulent transactions, including GUSD, DAI, TUSD and PAX. Among them, GUSD has the lowest real trading volume, only 3%.
As shown in the above figure, except for all cleaning transactions, USDC has the highest real trading volume of 43%; although the USDT is only 8%, due to the large base, it accounts for 96% of the total real trading volume of the stable currency. %, the dominance is evident.
The stable currency PAX has launched 32 exchanges, but 25 of the exchanges have a PAX cleaning transaction ratio of more than 90%, and 6 exchanges have a ratio of between 15% and 75%; the lowest ratio (less than 15%) One of them is Upbit, which seems to be the only exchange that blocks PAX shuffling transactions and is therefore one of the cheapest deals on PAX. In BTI's view, even the cleanest exchanges have PAX cleaning transactions.
Regarding false transactions, Huo Xiao Global CEO Weng Xiaoqi once commented: "The problem of false transaction volume is real in the industry. In this industry, false transaction volume is a real problem, people have the right to know what the exchange provides. The numbers are real. We don't think there should be any exceptions. As our industry matures and mainstream acceptance grows, like data, this is a natural next step."
The cryptocurrency market is like a wasteland. The current rules have not yet been fully established, and there is also a lack of supervision, leading to the proliferation of deceptive practices in cleaning transactions. Although some companies may benefit from it, for the industry, it is a thirst for drinking.
Author | Qin Xiaofeng
Edit | Lu Xiaoming
Produced | Odaily Planet Daily