• volume manipulation
    Bitcoin,  Tether

    BitForex accused of using Tether, wash trades to manipulate CoinMarketCap data

    Never heard of BitForex? You’re not alone, but on Friday, they dominated Tether and Bitcoin trade volumes

    Another day, another Tether controversy—and a new exchange is being accused of inflating trade volumes in the process. On Friday afternoon Eastern Time, CoinMarketCap data showed that a tiny upstart exchange called BitForex was responsible for nearly $4.3 billion worth of tether transactions in 24 hours. That’s a shockingly high amount given that the average daily volume of tether has been $2.8 billion worth over the past 30 days. It also put BitForex in second place for bitcoin trading volume, more than eight times that of third place Binance. Such volume from a little exchange was very unusual and CoinMarketCap excluded BitForex’s data from its totals. BitForex is an outfit…