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Coinbase Trading Volume Is Falsified, According To Leaked Documents
Summary: Leaked documents aquired by Motherboard show that Coinsquare CEO Cole Diamond was ordering employees to "wash-trade." "Wash trading" means the exchange was transferring currency between accounts it owned in order to increase trading volume on the platform, making it look more popular. In messages obtained by Motherboard, Diamond chastised an employee for turning off code ...
Leaked documents aquired by Motherboard show that Coinsquare CEO Cole Diamond was ordering employees to "wash-trade."
"Wash trading" means the exchange was transferring currency between accounts it owned in order to increase trading volume on the platform, making it look more popular. In messages obtained by Motherboard, Diamond chastised an employee for turning off code that regulated the internal trading.
The practice is illegal when trading stocks because it may affect price. Crypto exchanges are not unfamiliar with accusations of "Wash trading." A study from Bitwise Asset Management last year reported that alomost 95% of Bitcoin trading is falsified.
By Emily Mason
Tags: Coinbase,Wash Trading
Link: Coinbase Trading Volume Is Falsified, According To Leaked Documents [Copy]
