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Russia Looking Into Extradition of Former BTC-e Exchange CEO Accused of Bitcoin Money Laundering

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🔥🔥🔥Vinnik’s defense lawyers are calling the prolonged pre-trial detention unconstitutional
Russia Looking Into Extradition of Former BTC-e Exchange CEO Accused of Bitcoin Money Laundering
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The Russian Foreign Ministry is currently looking into the extradition of Alexander Vinnik, the former CEO of the infamous BTC-e exchange, TASS reports. Kremlin Spokesman Dmitry Peskov claims that there is no clarity, but they are working to extradite Vinnik to his home country.

The Russian Foreign Ministry

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Mr. Bitcoin and a major crypto scam  

U.Today reminds its readers that Vinnik (also known as ‘Mr. Bitcoin’) was arrested during his vacation in Greece back in July 2017. He was the mastermind behind the BTC-e exchange with the help of which he laundered up to $4 bln worth of cryptocurrencies (its domain has been seized by the FBI). Notably, BTC-e was linked to the now-defunct Mt. Gox exchange.    

A long extradition fight

Vinnik was wanted by three countries (the US, France, and Russia). Eventually, the Supreme Court of Greece decided to extradite the bad actor to France on Dec. 19, 2018.

Since Nov. 26, 2018, he went on a hunger strike in order to protest his arrest. As of Feb. 28, 2019, Vinnik is now receiving treatment at a medical facility after being transferred from jail at the request of the Greek authorities.

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Alex Morris

OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes

🔊😱Fraudulent exchanges can ‘add noise’ in order to make their faked trading volumes seem more authentic 👀
OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes
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Crypto Integrity has recently revealed the mechanics of wash trading that are employed by major cryptocurrency exchanges. OKEx, one of the leading exchanges, also appeared on the list of exchanges that disguise their real trading volumes.

Many faces of wash trading

The study singles out three main wash trading mechanisms that differ in the difficulty of implementation:

  • In-spread trades without limit orders. The exchange reports the trades that do not appear in the order book at all. This instrument is popular with fledgling exchanges since it mitigates all risks that pertain to wash trading. OKEx, Bit-Z, CoinTiger, and other exchanges were involved in this activity.    

  • In-spread trades with short-lived limit orders. The order appears in the order book for a minuscule fraction of a second, which makes it impossible for any traders to see it (unless we are talking about automated bots). Short-lived orders have been noticed on CoinBene, Bitmart, and IDAX.  

  • Trades near bid-ask caused by short-lived limit orders. In this case, traders try to disguise their malicious activities by placing orders of different sizes and with different life duration. OKEx is the only exchange to use the most sophisticated form of wash trading.          

A mundane thing

As reported by U.Today, wash trading is extremely prevalent in the cryptocurrency space. In fact, an earlier study showed that seven out of ten exchanges that occupy the top 10 spots on CoinMarketCap (CMC) report fake numbers.

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