Blockchain Transparency Institute (BTI) conducted a study of cryptocurrency exchanges and came to the conclusion that 70% of the largest exchanges overstate the trading volume by swiping bogus transaction.
Popular service CoinMarketCap has previously announced its intentions to strengthen control over reliability of data on the volume, after which it was integrated several new metrics. However, BTI argues that the claimed volume is still inaccurate.
The Institute considers that all of the claimed 130 exchanges daily volume of about $6 billion fraudulent. This amount is about 70% of the total daily bridle cryptocurrency.
The Institute also made the top stock exchanges with the highest volumes. It was headed by BCEX exchange, whose volumes are too high at 22 thousand times, followed by LBank (4400x), Bit-Z (more 469x), ZB (more 391x) and Bibox (more than 85x).
As for the most famous of the exchanges is leading Upbit: its daily volume is overstated by 11 times.
Platforms such as Binance, Bitfinex and Coinbase Pro, ranked in the top three, respectively, of the wrap of volumes involved: BTI data coincided with the stated amounts.
BTI has made its own list of exchanges, daily volume, and it is very different from the one in service Coinmarketcap. For example, the exchange Kucoin located at 58 line Coinmarketcap, ranked 19 in the top of the BTI.