The Blockchain Transparency Institute (BTI) has launched a new initiative called ‘BTI Verified’ which aims to fight against wash trading.
The BTI has developed a new algorithm to analyse each trade of every pair on every exchange.
According to information shared with Coin Rivet, over the past two months, the BTI has been testing the accuracy of the data collected and sending reports with trade execution times and sizes for exchange compliance teams to investigate.
The BTI claims it has helped shut down “many accounts” throughout this period. It also provided a link to its new live updating data site where wash traders are removed in real time as well as the full report on its latest endeavours.
The latest report comes hot on the heels of the BitWise research presented to the Securities and Exchange Commission (SEC) in the USA. It was based on Bitcoin’s real trading volume data.
The Blockchain Transparency Institute has released more than 200 full exchange reports to more than 40 crypto projects inquiring about the legitimacy of various exchanges contacting them for listing.
It feels this approach will make the most difference in turning “the tide of the space with regards to manipulation” since its data is already being used by top exchanges to shut down wash trading accounts.
The BTI claims that the listing fee costs from just the wash trading exchanges in the reports totalled more than 150 Bitcoin.
The institute is “100% funded by the proceeds from these reports” in building out and improving its wash trade algorithms on individual pairs.
You can read the April report on the BTI website.
Interested in hearing more about fake exchange volume? Discover more with Coin Rivet TV’s debate on the BitWise research about fake exchange volume data.