overall pattern of all trades distribution and deviate the average value to the upside. Key findings: After a precise analysis of the transactions volumes of seven TOP crypto exchanges, we spotted a handful of suspicious points suggesting that some of them are likely to be engaged in making trade volume manipulation. We are committed to complying with all.S. Remembers what Wash Trade is and how is it conducted? Volume Traded (VT) and a number of transactions (TxN) and the ratio between them. And finally, we analyzed the trades which were defined as outliers. To be continued PS: data gathering problems. For outliers exclusion, weve used average value and inter-percentile range (more robust analog of standard deviation) for each exchange separately.
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Conclusion As a result of our research, we discovered a number of suspicious points arising reasonable questions regarding the integrity of certain crypto exchanges, namely OKex and HitBTC. This feature makes it easier to see all crypto portfolios on one single page, while also receiving real-time price notifications. Therefore, we decided to find a median value for each exchanges average transaction volume (ATV) and compare it to average transaction volume combined (atvc) calculated for all exchanges in total. Trades with a volume greater than the median by more than 3 IPR were considered as outliers. The app update post explains that users may sync all previous transactions from their portfolios by simply enabling the toggle provided in the apps update popup (as shown below). That is a right subject for even more thorough investigation requiring more sophisticated analysis methodologies to be applied. All these findings suggest that OKex is very likely to conduct volume manipulations, particularly wash trading, and definitely has something to hide. Particularly their rate in a total number of trades, contribution to the total trade volume and outliers threshold (the lowest value for each exchanges outliers). That fact encourages us to assume that the trade volume manipulation is likely to be carried out since it aligns with the idea that wash trade is usually performed by trades larger than the average volume of the normal transactions. However, we decided to apply a more scientific approach this time to uncover fraud in a more organized and effective way. For instance, lets compare OKex and Binance : both of them have commensurable rates of outliers in TxN (about 3 see graph 5) and rates of outliers volume sum in VT (about 50 see graph 6 but outliers threshold for OKex.4 times higher than that.