Bithumb Accused of Faking Trading Volumes

September 6, 2018

South Korean cryptocurrency exchange Bithumb has been accused of having a special group of traders, who artificially increase the trading volume on the platform. According to analyst Alex Kruger, the daily amount of fake trades is about $250 million.

In his Twitter account Kruger wrote that he found several questionable entries in the Bithumb order book. The expert notes that illegal actions on the platform have been held every day from August 25, starting from 11AM local time. On that day the exchange launched its newest promotion, offering customers an up to 120% return of transactions fees with the upper limit of about $900,000 per day.

Kruger provided a graph, on which it can be seen that from 11:00 local time the number of trades on the platform increases sharply from time to time. He believes that the volume level is definitely unnatural and clearly does not look like the ordinary trading activity. The expert assumes that this allows Bithumb to launder about $250 million each day.

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