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The slump in the broader crypto market seems to also be affecting the NFT market, as sales volume for NFTs dropped by 4.38% in the last seven days to $93.6 million. Data from leading NFT analytics platform CryptoSlam showed a further decline in NFT sales volume from the previous week’s drop to $102.8 million. Sharp […]
In response, Aevo says customers suddenly traded more on its decentralized exchange to try to get some of its airdrop.Source: CoinDesk
The post Billion-Dollar Volumes and Then a Steep Drop Prompts Allegations of Wash Trading on Aevo appeared first on Crypto Breaking News.
The US Securities and Exchange Commission (SEC) alleged Binance.US to have orchestrated wash trading in a lawsuit against the cryptocurrency exchange. Recently, a Wall Street Journal report revealed internal communications of the company, showing Binance’s Founder and CEO, Changpeng Zhao, was aware of the wash trading on the US arm.
“That was ourself, I think,” Zhao said in an internal message after the launch of Binance.US, which handled about $70,000 in trades in the first hour.
Binance.US Has Been Involved in Wash Trading
Wash trading is the practice of inflating the trading volumes of exchange by internally executing buy and sell orders. This creates a false impression of demand on the exchange, ensuring liquidity. Such practices are illegal, but many crypto exchanges, with little to no regulatory oversight, regularly inflate their trading volume. According to a study in the journal of Management Science, about 70 percent of the crypto trading volumes in the second half of 2019 came from wash trading.
In the lawsuit against Binance, its two US affiliates, and the CEO, Zhao, the SEC charged the exchange and other parties for wash trading on the US platform using dozens of user accounts that were held by Sigma Chain, a Swiss trading company controlled by Zhao.
Though the SEC did not specify any name of who might have conducted the wash trading, it highlighted that Zhao directed dozens of Binance employees to conduct Sigma Chain operations.
However, Binance denies the wash trading allegations.
“We strongly believe that the SEC’s allegations regarding wash trading are entirely unfounded, and based on a fundamental misunderstanding of the facts and a misapplication of the relevant law,” Binance's spokesperson said.
2/11 The SEC's allegations against Binance, https://t.co/BcnoGtsaNV, and CZ shook the industry. One notable accusation was their involvement in Wash Trading, particularly on BNB US. The trading vol of altcoins on Binance surpassed BTC and ETH, which is unusual for U.S. exchanges pic.twitter.com/mFvYVcq9vp
— DeFi NTR (@DeFi_NTR) July 16, 2023Wash Trading in Crypto
Wash trading has been rampant in crypto. Apart from Binance, other popular crypto exchanges have faced allegations of such illegal practices. In 2021, the US Commodities Futures Trading Commission (CFTC) slapped Coinbase with a monetary penalty of $6.5 million for inaccurate reporting as well as wash trading on its institutional platform.
Meanwhile, Binance has been facing a severe regulatory backlash in the US and abroad. It shuttered its derivatives operations in Australia following an investigation by the regulator, while in Europe, it deregistered entities in Cyprus and the UK and exited The Netherlands. The exchange is facing a probe in France for illegal operations and anti-money laundering violations.
This article was written by Arnab Shome at www.financemagnates.com.
The U.S. Securities and Exchange Commission (SEC) has taken action against Justin Sun, the founder of Tron, and the Tron Foundation, issuing charges for offering unregistered securities and market manipulation. Additionally, a group of influencers have been charged by the organization for promoting tron without disclosing that they were being compensated for their endorsements. [...]
The post SEC Sues Tron Founder Justin Sun for Market Manipulation and Offering Unregistered Securities appeared first on Crypto Breaking News.
NFT wash trading has surged for the fourth consecutive month, with a total volume of $580 million across the top six marketplaces, according to a report from CoinGecko. The report attributed the rise in volume to the overall recovery of NFT marketplace trading, which reached $1.89 billion in February. (Read More)
The crypto market is plagued with a plethora of trading mechanisms, that are both twisted and illegal. Investors are looking to make quick money, and as a consequence take up practices that are not only illegal but also weaken the crypto space in general. As informed users who intend on making educated and fruitful financial […]
From Chainalysis’ report, it can be seen that wash trading is becoming more prominent with each passing day.
Continue reading Wash Trading: What It Means and How It Works in the NFT Market at DailyCoin.com.
Even though abusive trading practices are being detected in the non-fungible token industry, the activity is not illegal as there are no clear rules.
Continue reading Something Smells Fishy in the Wild NFT Market at DailyCoin.com.
LooksRare strikes up amazingly upon its recent launch. LooksRare overtakes OpenSea on the second day itself. Wash trading owes to
The post has appeared first on thenewscrypto.com
Newly launched Nft marketplace LooksRare suffered a distributed denial of service or DDoS attack briefly in the late hours of Jan 29, 2022. Following this, the backend team responded in a short time, and within the minutes, the website was restored back again with users applauding the quick response. Some even threw a jibe at […]
The cryptocurrency market is still very young, and it is in the process of developing. It means that scammers still have many loopholes caused by...
The post Wash Trading and How to Avoid It: a Guide appeared first on Cryptocurrency News & Trading Tips – Crypto Blog by Changelly.
The SEC asserts that the defendants unlawfully gleaned more than $700,000 through a wash-trading scheme that targeted exchanges offering market maker rebates.
New research asserts that EOS and ETH were wash-traded on exchanges to manipulate prices during EOS’s multi-billion dollar ICO.
Binance CEO Changpeng “CZ” Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its native token Binance Coin (BNB). The rumors have come from several market commentators, including analyst Dylan LeClair and Swan Bitcoin CEO Cory Klippsten, who have accused Binance of intentionally manipulating the market to artificially [...]
The post Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNB appeared first on Crypto Breaking News.
Court documents reveal that Justin Sun, Tron’s founder, has been sent a summons from the U.S. Securities and Exchange Commission (SEC) regarding the civil complaint filed against him last month. Youtuber Austin Mahone and rapper Soulja Boy, whose real name is DeAndre Cortez Way, have also been summoned. The SEC accuses Sun of orchestrating an [...]
The post Tron Founder Justin Sun, Soulja Boy, and Austin Mahone Summoned by SEC in Crypto Asset Case appeared first on Crypto Breaking News.
From failed memecoin stunts and attempted teenage rug pulls on Pump.fun to fake FBI tokens, 2024 didnt disappoint.
A complex set of overlapping companies, individuals and alleged crimes have been tackled by US federal authorities.
A nonfungible token (NFT) trader has seemingly fat-fingered a trade for a free NFT, buying it for 100 Ether (ETH), currently valued at $191,239, representing a 250,000% increase on the floor price of 0.04 ETH. The token was part of NFT marketplace OpenSea’s Gemesis NFT collection — free NFTs intended to commemorate the launch of [...]
The post OpenSea collector fat fingers a 100 ETH bid for a free NFT appeared first on Crypto Breaking News.
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