Unfair trading: Bithumb caught in the intentional creation of fake trading volumes
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Recently, the players of the stock market noticed a suspicious increase in trading volumes on the stock exchange Bithumb. Analyst Alex Kruger suggested that the South Korean stock exchange may be implicated in the Commission of fictitious transactions on purchase/sale of cryptocurrency. About it writes .
theHow to sell crypts in Korea
Its small investigation, Krueger has devoted a whole thread on Twitter.
Now Bithumb about 250 million of fake trading volumes. Activity on the exchange rising every day since August 25, promptly at 11 am Korean time. My investigation reveals the picture behind the scenes Bithumb.
According to Krueger, one of the reasons an event may be airdrop that the exchange offers for all traders.
Bithumb pays traders airdrop in the amount of 120 percent of the fee spent on bargains. The daily volume of airdrop — million Korean won (approximately 900,000 dollars).
Next, the analyst cites the evidence of simple mathematical calculations.
The Commission for the implementation of the transaction — 0,15%. Fake volume created by the entrance of two opposite position (short and long), while total expenses for the Commission are increased to 0.3 percent. 120 percent of this amount is 0.36 per cent. To reach the daily limit of airdrop, we need to do a lot of transactions totaling 278 billion Korean won. That's why there are 250 million dollars of trading volume.
Some traders are doing in the total amount of $ 9 million per day under the scheme. Open Kruger pattern is clearly visible on the chart trading Bitcoin to Korean won Bithumb.
Tred was supported by other Twitter users and commented on the situation.
Interesting idea. Fake volumes can also be defined programmatically. It is enough to carefully monitor commercial glass. If you noticed instant execution of orders at fixed amount periodically is precisely the manipulation of volumes.
Earlier, Bithumb from a serious hacker attack, the exchange's management was even forced to suspend its work. Because of this, trading volumes on Bithumb almost three times.
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