Wash trading at cryptocurrency exchanges

被引：37
|
作者：
Le Pennec, Guenole [1 ]
Fiedler, Ingo [1 ,2 ,3 ]
Ante, Lennart [1 ,2 ]
机构：
[1] Blockchain Res Lab, Max Brauer Allee 46, D-22765 Hamburg, Germany
[2] Fac Business Econ & Social Sci, Von Melle Pk 5, D-20146 Hamburg, Germany
[3] Concordia Univ, Fac Arts & Sci, Dept Sociol & Anthropol, 1455 De Maisonneuve West, Montreal, PQ H3G 1M8, Canada
来源：
FINANCE RESEARCH LETTERS | 2021年 / 43卷
关键词：
Bitcoin; Ethereum; Blockchain; Trading volume; Fake volume; Market manipulation;
D O I：
10.1016/j.frl.2021.101982
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Cryptocurrency exchanges allegedly use wash trading to falsely signal their liquidity. We monitored twelve exchanges for metrics of web traffic and for their administered user funds. The exchanges were clustered in three distinct groups based on previous findings: (1) accuratelyreporting exchanges, (2) exchanges that engaged in wash trading, (3) exchanges with mixed evidence of wash trading. A comparison of the reported to the predicted trading volume, calibrated on the accurately-reporting exchanges, suggests that group 2 exchanges exaggerate their true volume by a factor of 25 to 50, and exchanges of group 3 by a factor of 1.25 to 33.
引用
收藏
页数：7
相关论文
共 50 条
  • [1] Detecting and Quantifying Wash Trading on Decentralized Cryptocurrency Exchanges
    Victor, Friedhelm
    Weintraud, Andrea Marie
    PROCEEDINGS OF THE WORLD WIDE WEB CONFERENCE 2021 (WWW 2021), 2021, : 23 - 32
  • [2] Do cryptocurrency exchanges fake trading volumes? An empirical analysis of wash trading based on data mining
    Chen, Jialan
    Lin, Dan
    Wu, Jiajing
    PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS, 2022, 586
  • [3] Do cryptocurrency exchanges fake trading volumes? An empirical analysis of wash trading based on data mining
    Chen, Jialan
    Lin, Dan
    Wu, Jiajing
    Physica A: Statistical Mechanics and its Applications, 2022, 586
  • [4] Decentralized exchanges: The "wild west" of cryptocurrency trading
    Aspris, Angelo
    Foley, Sean
    Svec, Jiri
    Wang, Leqi
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2021, 77
  • [5] Exposing Stealthy Wash Trading on Automated Market Maker Exchanges
    Gan, Rundong
    Wang, Le
    Xue, Liang
    Lin, Xiaodong
    ACM TRANSACTIONS ON INTERNET TECHNOLOGY, 2024, 24 (04)
  • [6] Nonextensive triplets in cryptocurrency exchanges
    Stosic, Darko
    Stosic, Dusan
    Ludermir, Teresa B.
    Stosic, Tatijana
    PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS, 2018, 505 : 1069 - 1074
  • [7] Cryptocurrency trading: a comprehensive survey
    Fang, Fan
    Ventre, Carmine
    Basios, Michail
    Kanthan, Leslie
    Martinez-Rego, David
    Wu, Fan
    Li, Lingbo
    FINANCIAL INNOVATION, 2022, 8 (01)
  • [8] Crypto Wash Trading
    Cong, Lin William
    Li, Xi
    Tang, Ke
    Yang, Yang
    MANAGEMENT SCIENCE, 2023, 69 (11) : 6427 - 6454
  • [9] Insider Trading at a Cryptocurrency Exchange
    Moriarty, Kathleen H.
    JOURNAL OF INVESTING, 2023, 32 (03): : 99 - 103
  • [10] Cryptocurrency trading: a comprehensive survey
    Fan Fang
    Carmine Ventre
    Michail Basios
    Leslie Kanthan
    David Martinez-Rego
    Fan Wu
    Lingbo Li
    Financial Innovation, 8
12345