- At least $2 billion on decentralized crypto exchanges has been wash traded since 2020, according to a new report.
- Wash trading is a form of market manipulation where a fraudster is trading with themselves.
- The trend runs contrary to the general view of DeFi exchanges, which are regarded as safer than centralized exchanges.
Decentralized crypto exchanges are a hotbed for a certain type of fraud known as wash trading, according to a new report from Solidus Labs.
The blockchain research firm found that at least $2 billion worth of cryptocurrency on ethereum-based decentralized exchanges have been wash traded since September 2020. The fraudulent practice has manipulated the price and volume of about 20,000 tokens on DeFi exchanges, the firm said.
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