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The founder of Kuna caught CoinMarketCap in boosting trading volumes
CONTENT

  • The founder of the crypto exchange Kuna caught CoinMarketCap of cheating indicators

  • Chobanyan urged not to trust 99% of exchanges added to the service listing

  • Earlier CoinMarketCap was criticized for hiding the exchange laundering metric

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The founder of the largest Ukrainian cryptocurrency exchange Kuna believes that CoinMarketCap deliberately increases the liquidity of some trading platforms

The founder of the largest Ukrainian cryptocurrency exchange, Mikhail Chobanyan, believes that the cryptocurrency statistics service CoinMarketCap deliberately increases trading volumes. The founder of Kuna expressed this opinion in his post on Telegram..

Chobanyan believes that most crypto exchanges cynically mislead customers in pursuit of liquidity. At the same time, as the founder of Kuna wrote, there has long been no particular difference in cynicism and harm between most banks and cryptocurrency exchanges..

Laundering tenders

In particular, Chobanyan cited as an example the millionth turnover of TON Crystal (TON) tokens trading on the Bitcoin.com Exchange.

Source: telegra.ph

At the same time, as he noted, Bitcoin.com Exchange had closed the deposit and withdrawal of assets.. 

“Again.

The founder of Kuna caught CoinMarketCap ...

There is a turnover of 1 million, but you cannot start or withdraw coins, ”Chobanyan writes..

A little later, Bitcoin.com Exchange still opened a TON token deposit, but the withdrawal remained closed. After analyzing the blockchain data, Chobanyan found out that the exchange actually does not have the volume of assets that CoinMarketCap writes about. Instead, there were only 412 TONs on the balance of the exchange (~ $ 390 at the current TON rate).

Market cynicism

Chobanyan emphasizes that almost all trading platforms in the CoinMarketCap listing are engaged in money laundering (one of the types of trading manipulation on the exchange).

“This is how 99% of the exchanges on coinmarketcap.com are deceived. But, since the “hamster” is stupid and uneducated, sometimes it works, and nobody really cares about it, “he emphasizes..

The founder of Kuna suggested that users should not trust CoinMarketCap statistics, since almost all sites are likely to deceive their users. This is not the first time CoinMarketCap has been in the center of criticism for incorrect display of statistics..

Read also: Coinsquare is in the center fraudulent scandal

In May BeInCrypto editors reported, that CoinMarketCap removed the metric indicating the level of potential money laundering.

The founder of Kuna caught CoinMarketCap ...

Nevertheless, the service soon announced that the new metric only adjusts the volume coming from the markets without commissions..

Former CoinMarketCap chief Carilyn Chan said the adjusted metric “has nothing to do with suspicious trading activity.”.

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The founder of Kuna caught CoinMarketCap ...

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