Can someone explain what an exchange is trying to achieve with wash trading ridicilous sums like this?
It's pretty obvious, they wanted to look that their exchange has so much volume thus more traders and more liquidity. And then they can charge higher fees from projects like ICO, IEO and altcoins. So they definitely will have a big boost if this happens. And then if they become popular, more crypto related websites are going to feature them, so more traffic and more new accounts registering to their platforms.
CMC supposedly rolled out,
Liquidity Metric To Combat “Volume Inflation” Problem.
But for unknown reason, it's not working on my end.,
https://coinmarketcap.com/rankings/exchanges/liquidity/Liquidity by CoinMarketCap
First, we introduced a new metric called Liquidity.
In the past year, with increasing volume inflation, the volume metric started to lose its purpose as a reliable way to gauge real trading interest. Other solutions, such as handpicking only a few “trusted” exchanges or using unrelated metrics like web traffic, were non-comprehensive and did not address the root cause of the issue.
Our new metric will focus on what matters most to investors and traders: liquidity. With our Liquidity metric, we hope to provide public good to the crypto markets by encouraging the provision of liquidity instead of the inflation of volumes.
With this metric, our users will be able to find the most liquid market for more than 3000 cryptoassets, so that they can trade even more efficiently, with the least slippage.
The Liquidity metric by CoinMarketCap is designed to eventually replace volume as the default metric when ranking market pairs and exchanges.