It is not a secret that anomalous and quite likely nefarious behavior happens on crypto exchanges. Other analysis has estimated that OKex, one of the major exchanges, has falsified approximately 93% of the total volume. Sylvaine, the author of the analysis, established a group of exchanges he believes are “clean” and then ran several linear regressions across the broader set in order to arrive at his conclusions. His methods are spelled out in detail in the article and he includes the data at the end for those interested in further experimentation.
Over the past weekend, a different type of anomalous (nefarious?) trading happened on one exchange on the BTC/GNT trading pair. Golem (GNT) has a current market capitalization of $67 million and traded just over $1.3 million in the last 24 hours according to CoinMarketCap. On December 30, that volume spiked to over $40 million. The main contributor to the volume spike was an exchange based out of China called ZB.com. They were highlighted in Cryptocompare’s October report where the discrepancy between visitors to their website and total volume was outside the norm relative to their peers: