The post Questions rise as Justin Sun-linked HTX’s activities remain shrouded in mystery appeared on BitcoinEthereumNews.com.

Around the time of Worldcoin’s launch, HTX’s market share dramatically spiked from 4% to almost 20%. Intense selling of USDT in favor of USDC was seen on the exchange in the last three months. The name may have changed but the seeds of suspicion surrounding the newly branded cryptocurrency exchange HTX [HT] continue to sprout. The actions of advisor Justin Sun, concerns of insolvency, and lack of transparency have made the Seychelles-based trading platform a big talking point in recent months. Read HT’s Price Prediction 2023-24 The latest bombshell was dropped by a research analyst from digital assets market data provider Kaiko, who drew attention to some unusual activities on the exchange. Wash trading at HTX? Earlier in July, the crypto industry witnessed the launch of the controversial but hugely popular Worldcoin [WLD]. HTX, then Huobi, was among the first to list the coin and open it for trading. However, soon after listing, clusters of matching buys and sells were discovered on the exchange, as indicated below. According to Kaiko, when trades are perfectly balanced between buys and sells, it is a symptom of artificial volume, often known as wash trading in trading parlance. Source: Kaiko As is well known, wash trading involves artificially inflating volumes by buying and selling an asset at the exact same time on an exchange. Exchanges and token projects have a lot to gain from this market manipulation. Firstly, a token with a higher trade volume would attract new investors. This is especially true for the novice ones who rely more on trading activity than research before selecting an asset to invest in. Secondly, high volumes of token projects would also boost overall volume figures for the exchange. This, in turn, would push the exchange up on the rankings table, making it look more popular and…

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Filed under: News - @ October 14, 2023 1:24 am