• The Winklevoss twins

    Winklevoss-backed Gemini dollar sees questionable trade volume

    China’s OEX swamps CoinMarketCap with trade data, but are they for real?

    Something strange is going on with the stablecoin issued by Cameron and Tyler Winklevoss’ Gemini Trust Company. Over the past several days, CoinMarketCap data on trading using the Gemini dollar (GUSD) has spiked dramatically—and it all seems to stem from one exchange, the China-based OEX. Seemingly overnight, there was a surge in GUSD daily trading volume. From December 2 to December 13, that number was in a range between roughly 1.4 million and 2.3 million, according to CoinMarketCap. However, on December 14 and 15, daily trading volume was around 18 million. On December 16 and 17, it was around 30 million. Before then, the figure never exceeded 17.6 million. As…