Bitcoin Forum

Against Fake Volume Allegation: OKEx Distributes $5M Trading Commissions to Users Weekly

Recently, there appears allegation upon the trading volume of OKEx, a world-leading digital asset exchange. However, the allegation itself is invalid for the difficulty to collect the accurate data of trading volume as a person or even media outlets, let alone exchanges like OKEx with futures trading and API transaction.
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/okex-distributes-5m-trading-commissions-to-users-weekly/

https://coinidol.com/upload/resize_cache/iblock/f0c/900_900_1/f0c2b11ea4b6cb56878e1aee23f9b27c.png

Hmmm, this doesn't read like a sponsored press release at all! ;)

The proof is based on the fact that a share of commissions are given to OKB (OKEx platform token) holders. They claim $5M gets distributed, but how much of it is just distributed back to themselves? I don't see the token listed on Coinmarketcap, and I can't find anything about its distribution.

Further down in the press release:


Sounds legit... ::)

How can the transacted volume of EOS be so close to BTC? This is ridiculous!!


They say that the article was paid at the end. But it is absurd not to be clear who is paying. They put disguised opinions as if it were a fact. It's getting harder and harder to find websites that do not just work as copy and past of press release.

An article like this should make it clear in the title that is a piece of marketing. Not a journalistic article.

Almost all chinese exchange doing fake volume, they even offer to do fake volume for those coins who is willing to pay, they just do anything to make more money.

OKEx Launched Partner Exchange Program to Nurture a New Generation of Digital Asset Exchanges

The world-leading digital asset exchange OKEx (www.okex.com) has recently launched its Partner Exchange Program, which not only offers an opportunity for the far-sighted teams to own a world's leading digital asset exchange like OKEx, but also offers an impetus to build an open and mutual-benefit blockchain ecosystem.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/okex-launched-partner-exchange-program/

https://coinidol.com/upload/resize_cache/iblock/73e/900_900_1/73e2ffec609c2a8c2c72d561076ac598.png

This should be a big concern doing fake volumes for their own personal gain is really a big problem especially when it affects the global prices. Fake volumes will mislead the public and will interpret it at another way around. From what I read before the U.S. government did a investigation to one of their famous exchanges because they allegedly falsifying data and that includes volume. The Chinese government must act now as the deceit they might be doing can be counted as a crime worthy of punishment.

The New York Attorney General recently reported (https://www.ccn.com/20-of-coinbase-trades-are-made-by-the-cryptocurrency-exchange-itself/) that self-trading by Coinbase comprised around 20% of total volume. For Bitflyer, it was 10%. That's pretty drastic if true and would indicate that it's not just a problem for Chinese exchanges.

As a matter of fact, OKEx operates from Hong Kong and doesn't service CNY, so there may not be much the Chinese government can do.

Is that your first impression? Mine too hehehe. Certainly no one paid them to post that news and defend the exchange. Preposterous!

In any case, a real journalist would investigate why the fake volume in cryptocoin exchanges are being done. Is there are connection to money laundering similar to what Alexander Ginnick was doing in BTCe?