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<ul class="summary-list"><li>Wash trading accounts for 70% of trades on some crypto exchanges, a study found. </li><li>The practice of firms trading with themselves to boost prices artificially may lure inexperienced investors. </li></ul><a href="https://markets.businessinsider.com/news/currencies/illegal-crypto-transactions-all-time-high-hacks-scams-sanctions-2022-2023-1">Illicit crypto transactions skyrocketed</a> in 2022 as <a href="https://markets.businessinsider.com/news/currencies/crypto-scams-hacks-2022-worst-year-ever-defi-axie-infinity-2023-1">scammers and hackers</a> made off with billions, but there's another type of fraud lurking in the industry—wash trading, the fraudulent practice some traders and crypto firms can use to pump prices, dupe investors, and make trading appear more liquid. A recent working paper from the <a href="https://www.nber.org/papers/w30783" target="_blank" rel="noopener">National Bureau of Economic Research</a> found that wash trades accounted for up to 70% of all transaction on non-compliant crypto exchanges, suggesting most trades on these platforms are fraudulent. <a href="https://markets.businessinsider.com/news/currencies/mark-cuban-crypto-contagion-wash-trades-ftx-crash-alameda-sbf-2023-1">Mark Cuban</a>, an avid cryptocurrency investor, warned his followers that the discovery and regulatory crackdown on wash trades could potentially set up another implosion in the industry.<h3>What is wash trading and why is it bad?</h3>Wash trading is essentially when a firm or party trades with itself to artificially boost prices, give the illusion of liquidity, and generate interest from other investors, according to Timothy Cradle, the director of regulatory affairs at Blockchain Intelligence. That can lead other investors to buy the token at an artificially high price. It's fraud and a form of market manipulation, he said.But the practice isn't only limited to individual bad actors. Crypto exchanges can also do wash trading to artificially jack up trading volumes, making the exchange appear more productive or more liquid than it actually is. That could potentially lure investors who are looking for a place to park their money, especially if they're comparing exchanges. "There's competition in every industry. That's not an excuse to go out and do wash trading and try to make your exchange look more liquid than it actually is, especially when you're dealing with cryptocurrency," Cradle said.<h3>How common is it?</h3>Wash trading could be as simple as sending crypto from one wallet to another, but there are more elaborate schemes out there, says Kim Grauer, the director of research as Chainalysis. In her research, wash trades were identified when a trade met certain relationship criteria with other wallets and addresses – suggesting something fraudulent could be taking place.The NBER paper studied 29 crypto exchanges that were classified as regulated or unregulated, with unregulated exchanges being sorted into two tiers based on size. The authors found wash trading was virtually absent on regulated crypto exchanges, but made up an average 77.5% of trading volume on unregulated exchanges. Tier-1 unregulated exchanges had a slightly lower proportion of wash trades at 61.8% of transactions, compared to 86.2% of transactions Tier-2 unregulated exchanges. For Binance, the largest crypto exchange in the world by trading volume and an unregulated Tier-1 exchange in the study, wash trading was estimated to comprise 46.4% of all transactions. "Binance does not engage in or tolerate wash trading, which is a violation of our terms of use, nor has it ever done so," a spokesperson from the exchange told Insider. "Binance has a dedicated Market Surveillance team that is responsible for reviewing surveillance related to potential abusive and/or manipulative behavior including wash trades and trade price manipulation."KuCoin, another top-five crypto exchange according <a href="https://coinmarketcap.com/rankings/exchanges/">CoinMarketCap</a>, was estimated 52.9% of its transactions consist of wash trades. A spokesperson from the exchange told Insider KuCoin did not engage in wash trading.The paper also found a higher incident of wash trading in the few weeks after the crypto market saw positive returns, or experienced a drop in volatility. "Price increases could draw retail investors' attention and encourage speculation. Therefore, crypto exchanges are incentivized to pump up volumes to vie for better ranking and more clients."There's no way to truly identify a wash trade unless you have access to account data, which is typically only available to the exchanges themselves, according to Martin Leinweber, digital assets product specialist at MarketVector Indexes. The paper's findings, do, however, give an idea of how important regulation is in the industry, he said.<h3>How bad is this for the crypto industry?</h3>Experts are hesitant to say it could lead to the crash Mark Cuban envisioned, although the risk of another major crypto exchange going down because of fraudulent behavior is certainly possible, Cradle said."I struggle to agree or disagree with it," Cradle said. "I would find it hard to see a complex industry completely go under because of one type of fraud or manipulation.""I don't see a risk of a sudden crash as investors are already migrating to better exchanges," Leinweber added, pointing the exodus of crypto traders towards Tier 1 exchanges, which typically have better external ratings and are more compliant with regulation. <h3>Why aren't regulators paying more attention?</h3>One problem could be that the legal framework for crypto regulation is currently ambiguous. For instance, many in the industry have claimed that cryptocurrencies are commodities, not securities. But that definition places crypto in a regulatory loophole, since there is <a href="https://markets.businessinsider.com/news/currencies/crypto-regulation-ftx-fraud-bankruptcy-sam-bankman-fried-sec-cftc-2022-12">no federal oversight over the commodities spot market the way there is for the futures market</a>."We're in this weird situation where both the CFTC and the SEC haven't really settled on what is cryptocurrency, and the question becomes who's actually going to investigate it and why," Cradle said. Others have criticized the CFTC and the SEC's hands-off approach to regulation. SEC chief Gary Gensler has previously said the US has regulatory framework for crypto firms, but <a href="https://markets.businessinsider.com/news/currencies/sec-chief-gary-gensler-crypto-platforms-need-to-come-compliance-2022-12">many are not compliant</a>, he said, urging exchanges to "come in and talk." Leinweber speculated that regulators may need to have a more comprehensive strategy if they are truly to crack down on wash trading. "To govern these exchanges, you must have a global strategy. Otherwise, regulatory arbitrage would always exist," he said. "I predict there will be increased regulation. But what we really require is intelligent regulation."

What is wash trading, the fraudulent practice that some experts say accounts for 70% of transactions on crypto exchanges?

<ul class="summary-list"><li>Mazars Group, which has conducted proof-of-reserve audits for cryptocurrency exchange Binance and others, is halting all work for crypto clients, <a href="https://www.bloomberg.com/news/articles/2022-12-16/mazars-to-pause-all-work-for-crypto-clients-binance-says-lbqbamw7?srnd=premium&amp;sref=GUP2BhaG">Bloomberg reported</a> Friday. </li><li>The suspension is taking place because of indications that markets haven't been reassured by "proof-of-reserves" reports. </li></ul>French accounting firm Mazars Group — which has conducted proof-of-reserve audits for cryptocurrency exchange Binance and others — is halting all work for crypto clients, <a href="https://www.bloomberg.com/news/articles/2022-12-16/mazars-to-pause-all-work-for-crypto-clients-binance-says-lbqbamw7?srnd=premium&amp;sref=GUP2BhaG">Bloomberg reported</a> Friday. The move comes at a time when the industry is trying to bolster confidence after FTX's implosion. The work suspension for crypto firms is taking place because of indications that markets haven't been reassured by the reports it had published so far, Bloomberg reported, citing an email from Mazars it had seen. The firm was also concerned about intense media scrutiny, the email said. Bloomberg said a spokesperson for Mazars said the company will issue a statement in due course and declined further comment. An audit of proof of reserves aims to <a href="https://markets.businessinsider.com/news/currencies/crypto-proof-of-reserves-what-means-not-enough-ftx-binance-2022-11">confirm that a company's stated holdings are actually there</a>. Such work could detail where a customer's assets are and where they've been. But there's scrutiny surrounding proof of reserves reports as experts have said they only provide a brief snapshot and do not show a firm's liabilities. The crypto industry has rushed to conduct proof-of-reserves audits following the failure of crypto exchange FTX last month stemming from accusations it misused customer deposits.Mazars has produced proof-of-reserves reports for Binance and other crypto exchanges including Crypto.com and Kucoin. In a report released earlier this month, Mazars determined <a href="https://www.businessinsider.com/binance-proof-of-reserves-bitcoin-collateral-crypto-markets-mazars-currency-2022-12">Binance's customer bitcoin reserves</a> have more than enough collateral. The Bloomberg report noted Binance CEO Changpeng Zhao in an interview with CNBC on Thursday said it hasn't engaged a so-called Big Four auditing firm as such companies "don't even know how to audit crypto exchanges."A website hosting Mazars's reports for crypto clients was currently inactive, Bloomberg reported.

The auditor of Binance and Crypto.com's reserves has reportedly stopped work with crypto clients in the wake of FTX's collapse

<ul class="summary-list"><li>Binance captured 66.7% of all trading volume on centralized crypto exchanges in the last quarter of 2022. </li><li>Trading volumes on centralized exchanges declined 46.2% last year amid a harsh macro environment and crypto bear market.</li></ul>Binance took a dominant percentage of market share among the top centralized exchanges in the last three months of the year, increasing from 48.7% in the first quarter of the year to 66.7% in the last quarter, according to a CryptoCompare <a href="https://www.cryptocompare.com/media/43977033/centralised-exchange-retrospective.pdf" target="_blank" rel="noopener">report</a> published on Wednesday.Even as spot trading volumes on Binance fell 45.3% to $5.29 trillion, the rise in the exchange's market dominance continued throughout 2022.The report accounted for 11 exchanges, which include Binance, FTX, Coinbase, Kraken, Bitfinex, Bittrex, Bybit, Crypto.com, Huobi, Kucoin, and OKX. Binance and Bybit were the only exchanges to see an increase in market share in each quarter of 2022. "The increase can be attributed to consolidation in the industry as overall volumes trend downwards, with exchanges competing for reduced volumes," the report said of Binance's lead. Amid a lengthy crypto bear market, trading volumes on centralized exchanges declined 46.2% in 2022. Volumes across centralized exchanges, or CEXs, stayed well above decentralized exchanges, or DEXs, according to the report. "2022 proved to be a transformative year for the digital asset industry," the report reads. "Following the exponential growth that was seen in the bull market of 2020 – 2021, the year's idiosyncratic events highlighted the deficiencies of the industry and showcased the value proposition that digital assets provide market participants compared to traditional finance."The industry took hits amid decades-high inflation, leaving investors wary of speculative bets like crypto as the Federal Reserve raised interest rates. Digital assets were also reeling from the collapse of industry giants like algorithmic stablecoin TerraUSD, hedge fund Three Arrows Capital, centralized lender Celsius, and Sam Bankman-Fried's FTX.FTX, the crypto empire once worth $32 billion, <a href="https://markets.businessinsider.com/news/currencies/ftx-timeline-sam-bankman-fried-bankruptcy-trial-alameda-sec-doj-2023-1">filed for Chapter 11 bankruptcy in November</a> after a severe liquidity crisis. "Following the fall of FTX, the main takeaway from 2022 is the increased importance that security and transparency will play in the CEX sector in 2023," according to the report. "We hypothesise that exchanges with superior transparency policies, for example, releasing clear and audited Proof of Reserves (PoR), will be those that succeed, particularly in a year which we believe will have sustained lower volumes."

Binance grabbed 66% of crypto trading volumes on centralized exchanges in the 4th quarter of 2022 as the industry consolidated following the fall of FTX

<keyword id="2954415" type="General" weightage="50" keywordseo="yang-huiyan" source="Orion">Yang Huiyan</keyword>, <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword>'s <keyword id="10381323" type="General" weightage="20" keywordseo="wealthiest-woman" source="Orion">wealthiest woman</keyword>, has seen her <keyword id="6383453" type="General" weightage="20" keywordseo="wealth" source="Orion">wealth</keyword> fall to $11 billion from nearly $24 billion this year as <keyword id="1334" type="General" weightage="80" keywordseo="china" source="Orion">China</keyword>'s property crisis escalates, according to the Bloomberg Billionaires Index, the media reported. The 41-year-old controls <keyword id="632496" type="General" weightage="80" keywordseo="country-garden" source="Orion">Country Garden</keyword> Holdings, China's largest real estate developer by sales. Her stake was largely transferred from her father <keyword id="227040" type="General" weightage="80" keywordseo="yang" source="Orion">Yang</keyword> Guoqiang, who founded the company in Foshan, Guangdong province, in 1992, <keyword id="82130" type="General" weightage="80" keywordseo="cnn" source="Orion">CNN</keyword> reported. Country Garden's stock has lost more than half its value this year, as the country's real estate sector has struggled with falling home prices, weakening buyer demand, and a debt default crisis that has engulfed some of its largest developers since last year, CNN reported. Despite losing more than half her fortune, Yang remains the <keyword id="1291774" type="General" weightage="20" keywordseo="richest-woman" source="Orion">richest woman</keyword> in Asia, according to the Bloomberg Billionaires Index. The plunge in her net worth has narrowed the wealth gap between her and fellow female billionaires in China, making Yang only some $100 million away from being surpassed by Fan Hongwei in wealth. Fan chairs Hengli Petrochemical, a chemical fiber producer. Evergrande, China's most indebted property firm, defaulted on its US dollar bonds in December following months of liquidity issues. Since then, several other major developers, including Kaisa and Shimao Group, have also sought protection from creditors. In recent weeks, the real estate crisis has escalated, as thousands of disgruntled home-buyers who had made down payments for unfinished homes threatened to stop paying mortgages if construction is not completed in time, CNN reported. Country Garden is also facing growing liquidity stress. On Wednesday, the developer announced it would sell stocks at a nearly 13 per cent discount to raise HK$2.83 billion ($361 million), compared to its Tuesday's closing price. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/nasdaq-listed-cognizants-net-profit-grew-12-7-percent-in-june-2022-quarter/articleshow/93189304.cms">Cognizant reports 12.7% profit growth QoQ, but lowers revenue guidance for the year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/kucoin-survey-80-of-indian-web-3-professionals-under-30-but-women-hesitant-to-join/articleshow/93188646.cms">KuCoin survey: 80% of Indian Web 3 professionals under 30 but women hesitant to join</a>

Asia's richest woman loses more than half her fortune as China's property crisis escalates

<ul class="summary-list"><li>Liquid, a Japanese <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange, said on Twitter that it had been hacked. </li><li>As much as $74 million in crypto assets were stolen, a report said.</li><li>This is the latest in a string of crypto hacks and crimes, which have become more and more common.</li></ul>Hackers have raided the Japanese crypto exchange Liquid, the company <a href="https://twitter.com/Liquid_Global/status/1428176357515612165">tweeted</a> early on Thursday. The stolen assets could be worth as much as $74 million, The Block <a href="https://www.theblockcrypto.com/post/114993/crypto-exchange-liquid-hack">reported</a>. "Important Notice: We are sorry to announce that<a href="https://twitter.com/hashtag/LiquidGlobal?src=hashtag_click"> #LiquidGlobal</a> warm wallets were compromised, we are moving assets into the cold wallet. We are currently investigating and will provide regular updates. In the meantime deposits and withdrawals will be suspended," Liquid tweeted.Liquid confirmed that <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>, ether, XRP, and TRX coins were stolen in the hack. The exchange said it was tracing the movement of the assets and working with other exchanges to freeze the stolen funds and recover them. Liquid said the hackers managed to transfer some of the ill-gotten coins into second and third accounts. Johnny Lyu, the CEO of crypto exchange KuCoin, confirmed it was aware of the hack and KuCoin had frozen the addresses of the hacker. The Block <a href="https://www.theblockcrypto.com/post/114993/crypto-exchange-liquid-hack">reported</a> that the hacker had seized assets worth as much as $74 million, after initiating transactions worth around $80 million at the time of the hack. At the time of writing, the hacker's <a href="https://etherscan.io/address/0x5578840aae68682a9779623fa9e8714802b59946">ethereum</a> address had funds worth almost $44.8 million allocated to it, while their <a href="https://btc.com/btc/address/1Fx1bhbCwp5LU2gHxfRNiSHi1QSHwZLf7q">bitcoin</a> address contained tokens worth approximately $4.8 million. This is the latest in a series of crypto hacks and other crypto-related crimes that have become more and more common in recent months. Between January and the end of July, crypto assets worth $681 million were involved in thefts, hacks, and fraud, according to intelligence firm CipherTrace. That figure has almost doubled in the past week alone, as DeFi platform Poly Network was hacked and funds worth over $600 million were stolen in what has been <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267">called one of the biggest crypto heists</a> ever. Although the hacker has since <a href="https://markets.businessinsider.com/news/currencies/poly-network-crypto-hackers-return-half-600-million-stole-defi-2021-8">returned a portion of the assets</a>, the major hack drew renewed attention to weaknesses in crypto systems and crypto-related theft.<keyword id="11792498" type="UNKNOWN" weightage="60" keywordseo="crypto-crimes" source="Orion">Crypto crimes</keyword> and illicit activities linked to crypto are one of the key concerns raised by regulators, financial institutions, and governments regarding the wider adoption of cryptocurrencies.

Hackers raided a Japanese crypto exchange and seized up to $74 million in assets, report says

<ul><li>While bitcoin and ethereum dominate the headlines, there are more than 19,000 <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> coins.</li><li>With less liquidity and more volatility, these alternative <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> can deliver investors massive losses or gains in a short period of time.</li><li>These were the five best performing cryptocurrencies over the past week, according to data from CoinMarketCap.</li></ul>Bitcoin's<a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-3month-low-fed-policy-kazakhstan-hash-rate-2022-1"> bear market</a> has sucked the life out of many popular cryptocurrencies, with the total crypto market capitalization <a href="https://markets.businessinsider.com/news/currencies/crypto-market-cap-plunged-500-billion-last-week-1-trillion-2022-5">falling from $3 trillion to around $1.2 trillion today.</a> With more than 19,000 cryptocurrencies in existence and counting, there are more than triple the number of crypto coins than there are US exchange-listed stocks. That massive amount of supply makes it nearly impossible to keep track of all the big <keyword id="11899782" type="UNKNOWN" weightage="60" keywordseo="movers" source="Orion">movers</keyword> in the crypto sector outside of well known coins like <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>, and <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a>.The surge in new crypto coins came amid a massive bull market for the sector in 2021, but <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-below-30000-investors-shun-risky-assets-2022-5">a more than 50% decline in bitcoin</a> from its November high has dragged the broader crypto market, especially smaller coins that saw extraordinary gains last year like solana, cardano, and polkadot. The <a href="https://markets.businessinsider.com/news/currencies/terra-terrausd-luna-ust-stablecoin-plunge-do-kwon-death-spiral-2022-5">implosion of Luna and its related stablecoin, TerraUSD,</a> has also dented confidence in the crypto space and has some investors questioning the stability of other dollar-pegged coins. With less liquidity and more volatility, these alternative cryptocurrencies can deliver investors massive losses or gains in a short period of time. For example, <a href="https://markets.businessinsider.com/news/currencies/the-squid-game-token-scam-website-socials-offline-coingecko-crypto-2021-11">squid game token fell 99%</a> in a single day last year after delivering swift gains of 75,000%.Keeping an eye on the weekly winners and losers can help investors identify which coins are beginning to gain and lose traction in the crypto community.These were the five best performing cryptocurrencies with a market value of more than $1 billion over the past week, according to <a href="https://coinmarketcap.com/">data from CoinMarketCap.</a>5. KuCoinSymbol: KCS Market Value: $1.7 billion 7-Day Performance: 9.8%<div type="image" title="KCS coin" height="396" width="724" msid="91991428" hostid="261"></div>4. ElrondSymbol: EGLD Market Value: $1.7 billion 7-Day Performance: 9.9%<div type="image" title="Elrond price" height="398" width="756" msid="91991430" hostid="261"></div>3. Internet ComputerSymbol: ICP Market Value: $2.0 billion 7-Day Performance: 12.7%<div type="image" title="ICP price" height="399" width="759" msid="91991431" hostid="261"></div>2. StellarSymbol: XLM Market Value: $3.6 billion 7-Day Performance: 15.9%<div type="image" title="Stellar price" height="395" width="751" msid="91991432" hostid="261"></div>1. CardanoSymbol: ADA Market Value: $18.6 billion 7-Day Performance: 16.2%<div type="image" title="Cardano price" height="396" width="757" msid="91991433" hostid="261"></div>

These were the 5 best performing cryptos over the past week despite bitcoin bear market

Happy Tuesday, readers. I'm Phil Rosen. By the end of the month I'll be back in wintry Manhattan, but for now I'm writing to you from Los Angeles. Like a limp handshake, the downfall of FTX has served as a sorry introduction for readers without previous exposure to the nascent crypto industry. A once-niche segment of finance has been thrust into the mainstream, and now everyone and their mother knows the name <a href="https://markets.businessinsider.com/news/currencies/ftx-timeline-sam-bankman-fried-bankruptcy-trial-alameda-sec-doj-2023-1">Sam Bankman-Fried</a>.Since the bedlam kicked off in November, countless people have told me their view of crypto has soured. Bearishness is building — and much of that can be chalked up to a broad loss of trust.I'm sorry to say when you dig deeper into the practices of opaque crypto exchanges, there's little to restore that faith.But before we jump in, Matt Turner, the editor in chief of business at Insider, is at the World Economic Forum in Davos. He will be posting notes and videos to his LinkedIn all week. You can <a href="https://affiliate.insider.com?postID=63c1b8e020014462f01002df&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fmatt-turner-833282a%2F">follow along here</a> — and read his <a href="https://affiliate.insider.com?postID=63c1b8e020014462f01002df&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fposts%2Fmatt-turner-833282a_i-just-arrived-in-davos-for-a-week-of-meetings-activity-7020763528366039041-Rgd4%2F%3Futm_source%3Dshare%26utm_medium%3Dmember_ios">latest post here</a>. Now, shall we?In case you missed it: On Friday I spent an hour answering questions about FTX on Reddit. <a href="https://www.reddit.com/r/IAmA/comments/10ay0by/im_phil_rosen_a_senior_reporter_at_insider_ive/?sort=confidence">You can see the Q&amp;A here.</a>If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1"></a>1. Yes, FTX has shown us why it's bad to gamble with customer funds, but evidence of a lesser known fraudulent practice called <a href="https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1">wash trading</a> has made its rounds through the crypto sector, too, according to the National Bureau of Economic Research.In a working paper published last month, the group concluded that <a href="https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1">wash trades accounted for up to 70% of all transactions</a> on unregulated crypto exchanges. That suggests pervasive fraud and deception, as my colleague Jennifer Sor writes.Imagine I start a lemonade stand. I want to make people think my lemonade is the best in town. My partners in the business (in this case some kids down the block) come around and buy some lemonade and proclaim its superior refreshing qualities. Maybe they state loudly that they'd gladly pay much more than I am asking for a glass of the stuff. Soon everyone wants what I'm selling. Perhaps it's an uneven metaphor, but you get the idea. People want what other people are interested in. In wash trading, a party trades with itself to give the illusion of deeper liquidity than exists, and artificially pump the price of an asset that may draw in inexperienced investors. To be sure, the schemes are usually more elaborate than pretending to buy your own lemonade. Timothy Cradle, director of regulatory affairs at Blockchain Intelligence, told Insider that <a href="https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1">wash trading is market manipulation</a>. "There's competition in every industry," Cradle said. "That's not an excuse to go out and do wash trading and try to make your exchange look more liquid than it actually is, especially when you're dealing with cryptocurrency."And these aren't just some little-known mom-and-pop shops. NBER researchers estimated that wash trading comprises nearly half of all transactions on Binance, the world's largest crypto exchange by volume. (A spokesperson for Binance told Insider that it does not engage in the practice.)Similarly, KuCoin, another top-five crypto exchange, was estimated to have 52.9% of its transactions consist of wash trading (which the company denied).<a href="https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1">Get the full details here, from Insider's Jennifer Sor. </a>Are you surprised that the researchers found wash trading to be so rampant a practice? Tweet me (<a href="https://twitter.com/philrosenn">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com">prosen@insider.com</a>) to let me know.In other news:<a href="https://markets.businessinsider.com/news/stocks/fed-interest-rates-inflation-war-economy-recession-markets-jpmorgan-2023-1"></a><div type="image" title="trader nyse" height="1000" width="2000" msid="97058907" hostid="261" sizebytes="153280"></div>2. Global stocks and US futures are down early Tuesday, after weak economic data in China renewed fears of a slowdown. Investors will also be closely watching the latest slew of corporate financials as earnings season kicks off. <a href="https://markets.businessinsider.com/premarket" target="_blank" rel="noopener noreferrer">Here are the latest market moves.</a>3. On the docket: Morgan Stanley, Goldman Sachs, and Citizens Financial Group Inc, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>.4. This fund manager has beaten 99% of his competitors over the last five years. He shared the investing strategy that has led to his massive success — <a href="https://www.businessinsider.com/investing-stocks-to-buy-now-value-picks-top-fund-manager-2023-1">and then broke down seven of his favorite value stocks.</a>5. JPMorgan Asset Management's investment chief said the Fed has already won its war on inflation. The firm's David Kelly believes that it's time for policymakers to halt rate hikes: <a href="https://markets.businessinsider.com/news/stocks/fed-interest-rates-inflation-war-economy-recession-markets-jpmorgan-2023-1">"They're in danger of tipping the economy into a recession."</a>6. "Dr. Doom" economist Nouriel Roubini said the Fed will wimp out on its inflation fight. In his view, policymakers must raise rates past 6% to hit their target for inflation. Either way, <a href="https://markets.businessinsider.com/news/commodities/recession-market-crash-inflation-fed-rates-gold-hedge-nouriel-roubini-2023-1">he believes a severe recession at this point has become inevitable</a>.7. A recession is going to drag down stocks this year, according to PIMCO. But that means it could be the perfect time to load up on bonds — <a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-recession-rising-interest-rates-outlook-bonds-pimco-2023-1">which have lower but safer returns and are an attractive investment during a downturn. </a>8. A portfolio manager and top strategist at UBS Asset Management broke down the opportunities he's most bullish on for 2023. The US economy is going to hang on longer than people expect, Evan Brown said —<a href="https://www.businessinsider.com/investing-outlook-2023-where-to-put-money-stock-market-ubs-2023-1"> but that doesn't mean stocks as a whole will outperform</a>. 9. The ETF strategy boss at $19.5 billion Allianz explained why the Fed is on course to shock markets. Once central bankers raise rates for higher and longer than expected, inventors will end up regretting that they ignored what the Fed's been signaling. In his words, <a href="https://www.businessinsider.com/interest-rates-inflation-federal-reserve-stock-market-investing-recession-allianz-2023-1">a "wet blanket for stocks."</a> <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-upside-deflation-inflation-cpi-components-fundstrat-vix-2023-1"></a><div type="image" title="VIX index on Jan.17, 2023" height="561" width="678" msid="97058910" hostid="261" sizebytes="15756"></div>10. Fundstrat's Tom Lee pointed out that more than half of the components in the CPI are in deflation mode. That's good news for the stock market, as easing inflation will help loosen financial conditions. <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-upside-deflation-inflation-cpi-components-fundstrat-vix-2023-1">Here's what he said in particular about Wall Street's fear gauge.</a>Curated by Phil Rosen in Los Angeles. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn">@philrosenn</a> or email <a href="mailto:prosen@insider.com">prosen@insider.com</a>Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

As crypto hackers and thieves make off with billions, there's another kind of fraud lurking in the industry.

<ul class="summary-list"><li><keyword id="12303302" type="UNKNOWN" weightage="60" keywordseo="shiba-inu" source="Orion">Shiba inu</keyword> hit an all-time high Wednesday after a <keyword id="11974609" type="UNKNOWN" weightage="60" keywordseo="petition" source="Orion">petition</keyword> urging <keyword id="11896285" type="UNKNOWN" weightage="60" keywordseo="robinhood" source="Orion">Robinhood</keyword> to list the coin topped 330,000.</li><li>Robinhood is waiting for regulatory clarity to add more coins, CEO Vlad Tenev said Tuesday.</li><li>The meme token's value fell on Monday after Elon Musk revealed he doesn't hold shiba inu.</li></ul><a href="https://markets.businessinsider.com/news/currencies/what-is-shiba-inu-coin-price-rally-dogecoin-cryptocurrency-token-2021-10">Shiba inu</a> hit a fresh record Wednesday on growing calls for trading app <a href="https://markets.businessinsider.com/stocks/hood-stock">Robinhood</a> to add the coin to its roster of cryptocurrencies.The token surged 60% to $0.00007863 as of 3:55 p.m. ET, according to data from <a href="https://www.coingecko.com/en/coins/shiba-inu">CoinGecko</a>, taking its gains over the past month to over 1,000%. With a market value of more than $30 billion, it is now the 11th biggest <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> asset.An <a href="https://www.change.org/p/robinhood-convince-robinhood-they-will-prosper-if-they-list-shiba-inu-coin">online petition</a>, created by <keyword id="12329704" type="UNKNOWN" weightage="60" keywordseo="change-org" source="Orion">Change.org</keyword> user called Tristan Luke in May, requests people to sign up to "encourage Robinhood to be the first traditional brokerage" to list the <keyword id="12243250" type="UNKNOWN" weightage="60" keywordseo="shiba-inu-coin" source="Orion">shiba inu coin</keyword>.The petition's goal is to reach 500,000 people. At the time of writing, at least 332,698 had signed up.Shiba inu is already available to trade on other platforms including <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.coinbase.com%2Fprice%2Fshiba-inu">Coinbase</a>, <a href="https://www.binance.com/en/buy-Shiba-coin">Binance</a>, <a href="https://www.etoro.com/markets/shibxm">eToro</a>, Crypto.com, Atomic Wallet, and KuCoin. Meanwhile, users have only <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Frobinhood.com%2Flists%2Frobinhood%2F97b746a5-bc2f-4c64-a828-1af0fc399bf9">seven cryptocurrency options</a> on Robinhood, including <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a>, and <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>."We feel very, very good about the coins that we're currently listing on our platform," Robinhood CEO Vlad Tenev said in a Q3 earnings call on Tuesday. "And for any new coins that we add, we want to feel equally, if not more, good. So we're going to be very careful. We're a regulated entity, and we're hopeful to get some clarity soon on coins."Shiba inu, which is a dogecoin spin-off, rose more than 20% on Tuesday after an anonymous <a href="https://markets.businessinsider.com/news/currencies/shiba-inu-coin-price-crypto-whale-buys-277-billion-tokens-2021-10">crypto whale bought 276.6 billion tokens</a> for about $11.5 million. As the <a href="https://www.marketwatch.com/story/shiba-inu-is-the-third-most-googled-crypto-in-2021-new-study-shows-11635282527#:~:text=Shiba%20Inu%20is%20the%20world's,recent%20study%20by%20Bacancy%20Technology.ogy.">third most Googled cryptocurrency</a> in 2021, it's become impossible to ignore.An Elon Musk tweet about his Shiba Inu puppy Floki supercharged the meme token's run higher this month. But the coin's value slid briefly after <a href="https://markets.businessinsider.com/news/currencies/elon-musk-bitcoin-ether-dogecoin-shiba-inu-floki-cryptocurrency-holdings-2021-10">Musk revealed</a> he doesn't in fact have any personal investment in it.Read More: <a href="https://www.businessinsider.com/crypto-investing-webinar-bitcoin-ethereum-altcoin-regulation-and-opportunities-ahead-2021-10">SIGN UP FOR OUR EVENT ON NOVEMBER 17: The future of crypto and its path to mass adoption</a>

Shiba inu surges 60% to record high as a petition count for Robinhood to list the dogecoin-inspired token tops 330,000

<ul class="summary-list"><li>The <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market has lost $500 billion since bitcoin hit record highs a week ago.</li><li>Bitcoin was heading for its biggest weekly fall in six months on Friday, having slid by 13%.</li><li>Concern about US crypto taxes and a lukewarm launch of a new ETF has fed into the selling pressure.</li></ul>The <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> market has lost $500 billion since bitcoin hit an all-time high last week, as investors have cashed in on the recent rally that took it to as much as $69,000.Bitcoin has since fallen 18%, having fallen near $55,000 at one point on Friday. It's lost 13% in the last seven days alone, putting it on course for its biggest weekly slide in six months. "If the downtrend continues, the 14 day relative strength index will register an oversold reading for the first time since May when BTC fell below $30,000," Will Morris, Sales Trader at UK based digital asset broker <a href="https://www.globalblock.co.uk/">GlobalBlock</a> said. In technical analysis, if the relative strength index, which goes from 0 to 100, falls to 30 or below, this would indicate an asset has been oversold and would, in theory, be due for a bounce.The <a href="https://alternative.me/crypto/fear-and-greed-index/">Cryptocurrency Market Fear and Greed index</a> - an informal measure of investor sentiment - has dropped to its lowest since early October, and, at 34, signals "fear", Morris said. A reading above around 60 would point to "greed. "The amount of BTC and ETH on exchanges continues to fall to lower levels and whales continue to accumulate," Morris said in an emailed response. The VanEck bitcoin strategy exchange traded fund (XBTF) is the third publicly traded bitcoin futures ETF. At its market debut on Tuesday, the fund logged trading volume worth $4.8 million, compared with the roughly $1 billion that ProShares' ETF drew on the day of its launch in late October, according to <a href="https://www.coindesk.com/markets/2021/11/16/vaneck-bitcoin-futures-etf-xbtf-launches-on-cboe-exchange/">CoinDesk</a>.In addition, the new $1 trillion <a href="https://www.businessinsider.com/biden-signs-infrastructure-law-social-spending-plan-struggles-2021-11?r=US&amp;IR=T">US infrastructure bill</a>, which passed into law on Monday, now requires crypto brokers to report any transactions above a certain level to the tax authorities, but offered little clarity over what constitutes a "broker".Ethereum's ether token has also lost around 18% since touching a high of almost $4,9000 last Wednesday. It was last trading around $4,162, down around 1.4% on the day, and down nearly 10% on the week, marking its biggest seven-day drop since early September. With bitcoin under pressure, smaller altcoins have dropped in value too. Dogecoin has lost 11% on the week, while shiba inu has fallen 15%, according to Coinmarketcap. The solana and cardano tokens have also both dropped by around 9.5%. "Many market participants are taking advantage of the situation and rushing to stock up on cryptocurrencies from the top-10 list on a drawdown, as indicated by various indicators," Johnny Lyu, CEO of cryptocurrency exchange KuCoin, said. "It is therefore too early to talk about a general market transition into a bearish phase, since institutional investors are maintaining their cryptocurrency portfolio positions," he said.

The cryptocurrency market has shrunk by $500 billion since bitcoin hit an all-time high, as investors have cashed in on the rally

<ul class="summary-list"><li>The <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> is getting a big boost from Facebook, Microsoft, and other tech giants.</li><li>Marketers are scrambling to play in these virtual spaces, with NFTs, <keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="gaming" source="Orion">gaming</keyword> integrations, and more.</li></ul>The "<keyword id="12416504" type="UNKNOWN" weightage="60" keywordseo="meta" source="Orion">meta</keyword>verse" recently got a big boost from Facebook parent Meta, which is <a href="https://www.businessinsider.com/details-of-facebooks-big-metaverse-pitch-event-for-advertisers-2022-2?r=metaverse-marketing-lp">pouring $10 billion into its ambitions there</a>. Other big tech companies including Apple, Google, and Microsoft are working on their versions of the concept.The vague term refers to a variety of shared spaces and assets that people can access via the internet, sometimes using virtual reality and augmented reality devices, and interact with each other and buy virtual goods.But Facebook itself says the payoff won't be immediate, and top executives have widely differing expectations of what the metaverse means to them.Here's a breakdown of Insider's coverage of how <keyword id="6354839" type="UNKNOWN" weightage="60" keywordseo="marketing" source="Orion">marketing</keyword> is shaping the metaverse and the key people to know.Read more: <a href="https://www.businessinsider.com/facebook-metaverse-nft-advertising-opportunity-2021-10?r=metaverse-marketing-lp">Advertisers look to capitalize on the metaverse hype</a><a href="https://www.businessinsider.com/tech-execs-said-about-the-metaverse-earnings-calls-2021-11?r=metaverse-marketing-lp">Here's what 14 top executives are saying about the 'metaverse'</a><a href="https://www.businessinsider.com/5-metaverse-web3-online-communities-marketers-advertisers-discord-telegram-linkedin-2022-2?r=metaverse-marketing-lp">Advertising execs say they're joining these 5 online communities to get up to speed on the metaverse. Some groups are free, while one Telegram channel effectively costs more than $60,000 to join.</a><a href="https://www.businessinsider.com/details-of-facebooks-big-metaverse-pitch-event-for-advertisers-2022-2?r=metaverse-marketing-lp">Meta just made its first big metaverse pitch to advertisers. Here's what people in attendance said about it.</a><h2>Metaverse gaming, VR, crypto, NFTs</h2>Companies of all stripes are racing to enter the metaverse, whether that means building experiences there, engaging in gaming, or buying NFTs using crypto.Here's a rundown of the ways they're dabbling in the metaverse and Web3; the opportunities for creators, Hollywood, and more; and risks.Read more: <a href="https://www.businessinsider.com/crypto-marketers-try-new-advertising-approaches-amid-downturn-2022-6?r=metaverse-marketing-lp">As some crypto companies cut ad spend by up to 70% amid the 'crypto winter,' brands like Binance and OKX are focusing their marketing on education and responsible investing</a><a href="https://www.businessinsider.com/inside-wendys-metaverse-strategy-2022-6?r=metaverse-marketing-lp">Wendy's top marketer breaks down how it's using the metaverse to win the burger wars</a><a href="https://www.businessinsider.com/microsoft-is-building-an-advertising-program-for-xbox-2022-4?r=metaverse-marketing-lp">Microsoft is building an ad program that will let brands advertise in Xbox games</a><a href="https://www.businessinsider.com/media-companies-publishers-using-nfts-new-revenue-stream-2022-4?r=metaverse-marketing-lp">From The New York Times to CNN, how 9 media companies are using NFTs to open up lucrative new revenue streams</a><a href="https://www.businessinsider.com/how-brands-can-protect-intellectual-property-in-the-metaverse-2022-2?r=metaverse-marketing-lp">Intellectual property could 'effectively disappear' in the metaverse, according to a top trademark lawyer. Experts detail what brands can do to protect their IP in Web3 environments.</a><a href="https://www.businessinsider.com/how-the-metaverse-will-change-creator-economy-survey-key-takeaways-2022-2?r=metaverse-marketing-lp">An influencer-marketing firm wrote a report about how the metaverse will affect the creator economy. Here are 5 key takeaways.</a><a href="https://www.businessinsider.com/hollywood-nft-masked-singer-dick-wolf-reese-witherspoon-crypto-2021-12?r=metaverse-marketing-lp">3 NFT insiders predict how Hollywood can maximize the tech in 2022 — from character and IP development to subscription marketing</a><h2>Experts, jobs in the metaverse</h2>Interest in the metaverse is driving hiring at companies and the creation of new industries. Agencies like Vayner <keyword id="11894119" type="UNKNOWN" weightage="60" keywordseo="media" source="Orion">Media</keyword> and Roblox leaning heavily into the metaverse, while startups like Curio are raising money on the promise of NFT platforms.Here's a rundown of the people and companies to know and tips for getting hired.Read more: <a href="https://www.businessinsider.com/how-to-get-a-marketing-job-in-crypto-according-to-web3-cmo-2022-4?r=metaverse-marketing-lp"></a><a href="https://www.businessinsider.com/crypto-ceo-8-web3-marketing-jobs-nft-curators-2022-5?r=metaverse-marketing-lp"></a><a href="https://www.businessinsider.com/top-crypto-industry-marketers-sports-sponsorship-marketing-billion-dollar-deals-2022-4?r=metaverse-marketing-lp">12 marketers and dealmakers leading the crypto industry's multibillion-dollar spending spree on sports</a><a href="https://www.businessinsider.com/24-top-metaverse-advertising-marketing-brand-agency-leaders-experts-2022-1?r=metaverse-marketing-lp">24 agency executives leading advertisers' charge into the metaverse and Web3</a><a href="https://www.businessinsider.com/top-advertising-executives-in-gaming-and-esports-2021-12?r=metaverse-marketing-lp">Top advertising executives in gaming and esports</a><a href="https://www.businessinsider.com/nft-hollywood-blockchain-studios-producers-creatives-audiences-entertainment-2022-2?r=metaverse-marketing-lp">9 NFT companies working with Hollywood studios and creators to drive the future of the blockchain-based tech in entertainment</a><a href="https://www.businessinsider.com/7-web3-music-startups-nft-blockchain-tokens-2022-4?r=metaverse-marketing-lp">How these 7 Web3 music startups are taking on the $25 billion music industry, with the backing of artists like Nas, Katy Perry, and The Chainsmokers</a><a href="https://www.businessinsider.com/building-metaverse-apple-facebook-google-roblox-snap-niantic-microsoft-unity-2022-2?r=metaverse-marketing-lp">Meet the 21 under-the-radar leaders building the metaverse at Apple, Facebook, Google, Niantic, Roblox, Snap, Unity, and more</a><a href="https://www.businessinsider.com/how-to-get-a-marketing-job-in-crypto-according-to-web3-cmo-2022-4?r=metaverse-marketing-lp">Marketers from Crypto.com, FTX, ByBit, and Alchemy share 3 top tips for landing a marketing job in Web3 and crypto</a><a href="https://www.businessinsider.com/crypto-ceo-8-web3-marketing-jobs-nft-curators-2022-5?r=metaverse-marketing-lp">From '3D advertising managers' to 'NFT curators,' get ready for these 8 Web3 marketing jobs of the future, according to the CEO of $10 billion crypto exchange KuCoin</a><h2>The metaverse is driving investment</h2>Companies are raising millions on the promise of helping build the metaverse. Here's a sampling of all the ways investors are driving growth in the space.Read more: <a href="https://www.businessinsider.com/pitch-deck-web3-gaming-studio-red-door-digital-5-million-seed-2022-4?r=metaverse-marketing-lp">See the pitch deck Web3 gaming studio Red Door Digital used to raise $5 million in seed funding</a> <a href="https://www.businessinsider.com/pitch-deck-ar-startup-auki-labs-raises-13-million-2022-3?r=metaverse-marketing-lp"></a><a href="https://www.businessinsider.com/the-top-ma-predictions-for-the-advertising-industry-in-2022-2021-12?r=metaverse-marketing-lp">2022 is shaping up to be a big year for advertising M&amp;A. Here are 10 trends to expect, from a jump in e-commerce ad deals to a surge in event marketing interest.</a><a href="https://www.businessinsider.com/pitch-deck-ar-startup-auki-labs-raises-13-million-2022-3?r=metaverse-marketing-lp">See the pitch deck an AR startup used to raise $13 million in seed funding to bring the metaverse to life</a><a href="https://www.businessinsider.com/top-ad-industry-acquisition-targets-2022-2022-1?r=metaverse-marketing-lp">11 advertising companies that are top M&amp;A targets in 2022 as marketers pour money into TikTok and the metaverse</a><a href="https://www.businessinsider.com/potential-accenture-acquisition-targets-under-new-ceo-david-droga-2021-8?r=metaverse-marketing-lp"></a><a href="https://www.businessinsider.com/pitch-deck-chillchat-raises-a-19m-seed-round-metaverse-startup-2022-3?r=metaverse-marketing-lp">See the pitch deck create-to-earn metaverse startup Chillchat used to raise $1.9 million in seed funding</a>

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