[ad_1]
With a 24-hour trading volume of over $ 1.5 billion, Bithumb is one of the largest cryptocurrency bursaries not only in its country of origin, but also globally. However, the Crypto Exchange Ranks (CER) cryptocurrency trade assessment service said that Bithumb could falsify up to 94% of its volumes from the summer of this year.
CER supports its claims with more demonstrations of the past. The company claims that Bithumb was in 10th place in the first stock exchanges in September, according to Coinmarketcap data, with a daily trading volume of $ 350 million. However, in just two months, the volume of trade increased nearly 12-fold, to $ 4.4 billion on November 11th. When using the "reported volume" filter of Coinmarketcap, Bithumb can be seen in second place in the list with a daily trading volume of $ 1.5 billion. It does not appear when the data is filtered by adjusting the volume & # 39 ;.
The head of ERC marketing, Gleb Mykro, told Tobes that his organization's research indicates that Bithumb is involved in the manipulation of trading volumes, particularly in the form of washing trading. Mykro said:
"To judge from our multifaceted survey of Bithumb charts we see the signs of the manipulation of commercial volumes, in particular, the washing of trading. Having calculated the correlation of the volume of prices we have come to the conclusion that the performance of the volume of trade is not tied to price fluctuations in the exchange. "
CER has multiple instances to support this claim: the first is a 10-fold jump in the volume of Bitcoin exchanges in September, which happened from nowhere, with no other signs of growth. In addition, the first minutes of 11:00 am were periods of high activity for the exchange on a daily basis, as from CER, from which 95% of the total volume of daily trading comes. Furthermore, CER reports point out that the average size of transactions increased from 0.21 BTC in the summer to 5.88 BTC in November.
It is not just Bitcoin, but other cryptocurrencies like WTC, LTC, ETC, XMR, ZEC, OMG and BTG which also show unusual commercial behavior. The WTC business model is rather wary. CER reports emphasize that:
"The WTC stands out from all the coins we have observed, as only the exchange was quoted on the last day of August and had the shortest period between the pumps, which started on October 28 and lasted until November 11 … For this reason his pump was one of the most intense Waltonchain inflated daily volume rose 350 times from 348k WTC (on average before the pump) to 122.5 million WTC (on average during the pump ) only to then decrease by 1450 times in one day from 206.7 million WTC to 141.8k WTC on November 12th. "
Bithumb Deny accusations
When contacted by Forbes on these data manipulation allegations and confusing the trade volume numbers, the South Korean cryptocurrency exchange responded by e-mail, saying they denied all these allegations. An official without company name stated:
"Bithumb is not doing anything to swell the volume of trade … Bithumb is not selling money based on the mines, but Bithumb is trying to get more customers by offering various promotions like any other company in the world as a normal business."
While Bithumb denied the allegations, CER continues to push the issue forward, indicating that there is unfair behavior on the part of the exchange. CER plans to publish all of its findings, which include over 20 pages of charts and data that explain why they believe Bithumb is involved in the manipulation of commercial volumes.
