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BTC Trade Records High Volume of Fake Transactions by Algorithms and Bots

BTC Trade Records High Volume of Fake Transactions by Algorithms and Bots
Reviews from different platforms indicate that some of Bitcoin traded volume is fake. The volume is recorded using trading algorithms and bots by exchanges.
These exchanges use different bot strategies to inflate their trade volumes, focusing only on the top 25 bitcoin trading pairs on CoinMarketCap.
A report from Blockchain Transparent Institute (BTI) which consists of blockchain forensic specialists revealed that in 2018, several crypto exchanges stole about $100 million from new crypto projects via wash trading. It stated that these projects paid about $50,000 as listing fees and additional transaction fees charged by their exchanges.
An estimate of $100 million was stolen from the cryptosystem with about 50 exchanges wash trading 95% of their volumes. In fact, there are experts in faking Bitcoin volume. This individuals collects $15,000 from exchanges to help them achieve wash trading.

The BTI report states that some exchanges make over a million dollars per year just from collecting these kinds of fees. Proves that only 1% of CMC reported volume was actual volume, the rest was artificial.
How Does Fake Trading Volume Arise?
According to BTI research, some top exchanges are involved in wash trading, getting more of their referral traffics from CMC.
It stated that OKEx is involved in wash trading among its top 30 traded tokens, bitcoin, and others. Huobi has inflated its top 30 pairs including bitcoin. HitBTC inflated the trading volume of its top 25 pairs. 
When Bithumb was checked, a large amount of wash trading with Bitcoin, Bitcoin Gold and other coins were found, with their level of trading changing every month.
According to BTI report, only two out of the 25 top pairs do not wash trade their volumes, these are Binance and Bitfinex. They are not engaged in any kind of trading fraud, their reported volume on their exchanges are the same as their actual volume. 
These are exchanges that are working in plain sight, Coinbase which was not part of the review, is believed to also operate on plain sight.
This analysis was made and reported by the BTI to protect the investors from being misled by any exchange volume. Investors can secure their funds, following reviews and updates on the performances, operations, and practices of crypto exchange platforms.
The post BTC Trade Records High Volume of Fake Transactions by Algorithms and Bots appeared first on Today's Gazette - Cryptocurrency, Bitcoin News . shares this Contents always with License.

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