The vast majority of trading volume was faked.

[Harlot]

We should be glad the the authorities are aware of this fake volume and wash trading happening in the industry but I hope they have a plan set in place to get rid of it because clearly the first ones to be affected by this are us traders who get deceive by fake data happening in the market. Bitwise did the right thing on identifying this anomalies happening in the market but I hope they also included the names of this exchanges to be avoided because 71 exchanges is a lot to hide and we might be using one or two of them, the risky thing about this is if the authorities will also hunt them down with out notifying us and giving us a chance to pull out our funds from their exchange.

[kryptqnick]

https://www.technologyreview.com/f/613201/nearly-all-bitcoin-trades-are-fake-apparently/
https://www.wsj.com/articles/most-bitcoin-trading-faked-by-unregulated-exchanges-study-finds-11553259600?shareToken=ste90e80f8d18f47cb896491914f06cea3

I wanted to say that that's old news but even one of the articles you've posted dates back to March 26th, 2019. There've been talks about faked trading volumes, and it seems problematic to solve this problem, even though every transaction is recorded on blockchain... I think the problem is that there are too many addresses, too many transactions happening at once. And while even coinmarketcap has been accused of publishing lists based on faked volume data, it's not like we have anything better or can offer a solution that will solve this problem once and for all. This data can't be trusted, but then again, does it matter that much?

[dothebeats]

Nothing new. Faked exchange volumes revolving around cryptocurrencies has always been there and never really left albeit the governments being strict about it and implementing regulations concerning such kind of activities. Either way, I’d still choose a hands-free environment for bitcoin and crypto knowing that that was what the aim of crypto is: to be completely disassociated with any governments’ rule/authority. But then again, the citaens together with the money they’re using are still subject to these laws, and so does the exchanges facilitating the trades.

[ILuckyGuyI]

It seems that faking a trade volume is not a new thing I am afraid. There has been some news about CoinMarketCap faking trading volumes. I don't understand why they choose to fake trading volumes.