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Wash trade in cryptomarkets — a case of BW exchange

Cryptomarkets are notorious for wash trading — we’ve analysed one of the top-10 exchanges to detect that 95% of volume is artificial. We have estimated which part of the reported volume is fake and generated by the fraudulent exchanges that aim at ranking higher by volume, attracting new customers and charging high listing fees by showing non-existent liquidity.


One of the Top-10 exchanges, BW, may serve as a notorious model of an exchange that misleads market participants about its trading volume. Our surveillance algorithm has detected systematic wash trading with the vast majority (up to 100% on some symbols) of trades occurring inside the spread. These trades happen at a midmarket price without having any impact on the order book.


Read more on our Medium blog.


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