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Ethereum’s Wash Trading Saga: $2 Billion in Manipulated Trades

September 13, 2023
in Business
Ethereum’s Wash Trading Saga: $2 Billion in Manipulated Trades
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The cryptocurrency industry has profoundly transformed the investment landscape, challenging traditional products like the stock market. However, global regulators, led by various agencies in the United States, have intensified their scrutiny of crypto projects in response to the mainstream adoption of blockchain technology.

For instance, during a hearing with the Senate Banking Committee at the Capitol building, US SEC Chair Gary Gensler acknowledged that the agency has harnessed Artificial Intelligence (AI) technology to monitor various market patterns.

Cryptoverse Market Manipulation Not Surprising and Tip of the Iceberg.

Per Bloomberg, crypto-token price manipulation is rampant on Ethereum-based decentralized exchanges, where so-called wash trading amounted to at least $2 billion worth of crytocurrencies since September… pic.twitter.com/wQp55wHLVN

— John Reed Stark (@JohnReedStark) September 13, 2023

In a report by Bloomberg, it was revealed that Solidus, a New York-based tech company specializing in monitoring crypto transactions, discovered that liquidity providers on decentralized financial (DeFi) platforms engaged in wash trading in approximately 67 percent of around 30,000 liquidity pools. Intriguingly, wash trades accounted for about 13 percent of the total trading volumes in these liquidity pools.

According to Will Kueshner, a researcher at Solidus, the report only focused on approximately 1 percent of all crypto pools, indicating that the prevalence of wash trading is even more significant. The report also highlighted that Ethereum-based decentralized exchanges have been involved in at least $2 billion worth of wash trades since September 2020, with liquidity providers manipulating nearly 20,000 coins during this period.

It’s worth noting that engaging in wash trading on decentralized platforms comes at a cost, especially on the Ethereum network, which incurs network fees ranging from $1 to $5. One token identified with a high incidence of wash trading is Shibafarm, where the deployer reportedly earned nearly $2 million within a few hours back in 2021.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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