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Privacy coin trades on OKEx noticeably falls out of the common trend

Monero and ZCash are actively traded on OKEx that looks suspiciously in comparison to other major exchanges.

While many exchanges have recently started to delist privacy coins, OKEx’s Monero (XMR) and ZCash (ZEC) markets remain active with abnormal trading patterns. XMR’s time of trade distribution on OKEx noticeably falls out of the common flow of activity observed on Binance and Huobi.

Fake Token Activity on the Top Exchanges

Exchanges from the top of CoinMarketCap still provide shady coins with fake activity on their venues.

SENSO token demonstrates suspiciously high and stable trade volume on Bittrex, KuCoin, and Poloniex. This observed activity is consistent with the ways in which exchanges produce fake volume.

Anomalous trades on Gate.io

Recent order size distribution on Gate.io deviates from other markets and contradicts Benford's law.

Spot market trades on Gate.io show signs of falsified numbers. Below are the distributions of leading, second, and third digits for the size of executed trades as compared to Benford’s law expected distributions. Evidence based on Benford’s law has been used by ACFE to discern naturally occurring statistical deviations from fraud.

Abnormal Trading Volumes on FTX

Suspicious trading volume spikes with low volatility hint at potential wash trading activity on FTX exchange.

Our investigation team constantly monitors abnormal activity happening on multiple market venues. The bar chart below highlights the anomalous bitcoin volumes traded on FTX in periods of low volatility. Of note are the readily identifiable peaks of 1 min trading volume that don’t significantly affect the price itself (the difference between open and close price).

Scheduled trading activity dominates Huobi and OKEx

Huobi and OKEx are often at the top of trading volume charts. The actual executed trade numbers show, however, suspiciously close trading patterns that might indicate the dominance of a few bots that follow a preset schedule.

One of the market manipulation metrics we pay attention to is the time of the trade distribution. Both Huobi and OKEx show abnormal distributions for second-of-the-trade and minute-of-the-trade graphs.