Accusations of wash trading from the Blockchain Transparency Institute (BTI) have prompted OKEx's CEO to challenge BTI to a wager, which has opened up an entirely new can of worms.
Wash trading, a form of market manipulation, is often used to create artificial marketplace activity to draw in more investors. Last week, a report from BTI alleged that 90% of OKEx exchange's volume was falsified via wash trading. Today, OKEx CEO Jay Hao invited researchers to partake in a bet. Hao staked 100 BTC (roughly $945,500) that he could prove at least 10% of OKEx trade volume was real.
Hao's summons didn't go unanswered, but neither an apology nor an acceptance of the bet was granted. Instead, BTI remarked that in order to prove either side of the claim, they would need "3rd party wash trade surveillance software hooked into OKEx."
Several hours later, a further Tweet from Hao noted that BTI had updated its website, decreasing OKEx's supposedly fake volume from 90% to 73.22%. Read More...