A critic of has accused the exchange of building its business from fake volumes. The SV and Craig Wright defender is even of the opinion that the exchange should be banned in Russia following the threats of Changpeng Zhao to de-list SV from his platform.
Binance May Face Ban in Russia
Yevgeny Devine, a SV investor now threatens to instigate a campaign in Russia for the expulsion of the exchange in the country. This latest development comes a few hours after CEO; Changpeng Zhao threatened to de-list SV from his exchange if the talks of Craig Wright being Satoshi don’t stop.
As a result of his statement, Devine
revealed that lost a $5 billion consortium investment in saying: “ just lost a $5B consortium by
threatening one of our investments. Any more of this shit, we discuss banning
in Russia with our authorities. There are plenty of subjects.”
Despite his threat,
enthusiasts were not fazed as they believe SV will lose more if it is
delisted from . Also, most supporters think their preferred
exchange will continue its operation in the country.
Of Fake Volumes and Binance
Devine’s attack on is not
only as a response to Changpeng Zhao’s lack of confidence on Craig Wright’s
assertions that he’s “Faketoshi” but also because of his argument that
rise was primarily because they built the platform from fake volumes. He , “ wasn’t banned in Russia
solely because certain entities advised the authorities to go soft on exchanges
of their own preference, being
such, despite its ~70-80% fake liquidity, while pushing the banning of their
more legitimate competitors: Bitfinex and Bitstamp.”
He further asserts that most of
’s volumes are dubious although he didn’t back this up with
facts or any other supporting statistics. Devine continues, saying these phony
volumes allowed Zhao to market his exchange as the biggest
platform in the globe.
It is solely because of this lead
that Devine claims that is getting preference in Russia despite “70-80
percent” fake liquidity, adding that the exchange is even pushing for the
banning of their more legitimate competitors: BitFinex and Bitstamp.
Critic May be Wrong but Most Exchanges are Manipulating Volumes
To some extend–and although
contentious as it may to lay blame on an established exchange without supporting
documents, his claims may be true as research indicate that most are taking
advantage of the space’s minimum to front a fake façade of success
through fake volumes.
Recent findings from BitWise presented
to the United Securities and Exchange Commission () somehow confirm Devine’s
claims even if isn’t one of those exchanges wash or
manipulating volumes. Often, exchanges falsifying data are keen on attracting
more and even projects though IEOs all to their advantage.
According to the , and BitFinex as two of the ten exchanges that have actual
crypto volume. Even so, the report reveals that 95 percent of the
volumes recorded on CoinMarketCap are straight up fake. Similarly, another by
CrytpoIntegrity, an anonymous group of data researchers supposedly based in
Cyprus, found that 86 percent of trade volumes on crypto exchanges are
artificial.
It is perfect fodder for critics to
pounce on this opening and attack because as it is, Devine accusations are
allegation at the moment.
Published at Sun, 14 Apr 2019 16:43:05 +0000