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Report: How Bots on Crypto Exchanges are Manipulating the Price of Bitcoin
As the office of New York Attorney General Barbara D. Underwood said in September, bots on large-scale crypto ecxhanges have been manipulating...
As the office of New York Attorney General Barbara D. Underwood said in September, bots on large-scale crypto ecxhanges have been manipulating ...
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Last month, cryptocurrency trader and analyst Alex Kruger exposed a promotion on Bithumb, South Korea’s second largest cryptocurrency exchange behind Upbit, which encouraged traders to engage in wash trading and inflate the volume of Bithumb.
“There currently are $250 million [in] fake volume traded at [the] Korean crypto exchange Bithumb, every day at 11 a.m. Korean Time, since Aug. 25. Bithumb offers 120 percent payback of trading fees as an airdrop. Trading fees are 0.15 percent taker. To collect the full KRW 1 billion rebate, a wash trader must thus trade KRW 278 billion. That is $250 million in daily fake volume. Notice how 31K Bitcoin are traded at exactly 11 a.m,” Kruger explained.
https://www.newsbtc.com/2018/10/03/report-how-bots-on-crypto-exchanges-are-manipulating-the-price-of-bitcoin/