OKEx is digital currency exchange platform where various cryptocurrency exchange takes place. OKEx accepts and allows user to trade and exchange various coins like Bitcoin, Bitcoin cash, Ethereum, etc. There have been various conflicting reports on the fake volume exchange undertaken by OKEx to beat competition and stay the top. It has been discussed below.
What is OKEx?
Around the year 2014 OKEx was launched allowing various transactions to take place by the users for their investments of business transactions. Cryptocurrencies like Bitcoins, Ethereum, Bitcoin cash and more are accepted in this platform for the transaction.
Recently they also started announcing certain bonus programs for the users like every Friday for the fixed limit of OKcoin holder fixed by OKEx a certain amount of bonus bitcoins is given to the user as a token of appreciation. This seems as good scheme does it not? The platform offers various schemes such as this from time to time which seems promising but also makes us question is it really ethical what they are doing or is it fake?
What are the reports on OKEx?
They have been smashed by their name in various reports of news and magazines for their unusual behavior in the quantity of transactions made through their exchange platform. These doubtful questions started rising after few analysts started analyzing the transactions happening in OKEx exchange platform.
For first case one of the major scams being reported about OKEx’s fake volume that has been taking place in this platform.
Second major case is the reports on arrest of the founder of OKEx exchange for various scam related to this exchange platform
Third major case is the reports on scam reports on WFEE coins where the founder of OKEx has a major share and is believed to have played his role in too.
The latest report is that OKEx has welcomed five new cryptocurrencies into their exchange platform which is believed to compete with the major players such as bitcoin, bitcoin cash, Ethereum, Litecoin and Ethereum classic.
What is going on with OKEx and other cryptocurrencies against it?
Few analysts found that there were discrepancies between the highest and lowest volume trade of cryptocurrencies in the OKEx platform. The unusual behavior is that financial markets are always unpredictable in its nature due to lots various variables ranging from technology changes and business market performances but OKEx performance in terms of their exchange was very much predictable. This made the wonder what if the volume of exchanges traded and reported by OKEx is fake and not true by the records? What if they had been manipulating the reports given.
Sylvian Ribes is the analyst who brought the fake volume exchange taking place in OKEx to light. He started collecting data from day to day daily exchange and trading that took place in OKEx exchange platform and he started plotting them and started realizing their behavior was predictable. Thus, to verify his research he made different plotted models from various other exchange platforms he believed to be true as per their records. He overlapped this true model with the model of OKEx platform he came up with in his research and found that there were lot of fake volume from the reports given and the estimation made.
The founder of OKEx Star Xu was arrested in Shanghai as per the claims made by the users on OKEx unusual behaviour and the loss of their cryptocurrencies due to failure of network and platform. However, OKEx denied this saying that they are not aware of any such system break down. Allegations such as this led to raise claim which led to the arrest of Star Xu who was then released in the next 24 hours. Later however his arrest being denied again by OKEx.
The introduction of five new coins in OKEx are XRP, Cardano (ADA), Stellar (XLM), 0x (ZRX) and Zcash (ZEC) which are faster in transaction rate, open source, effective operation, least cost and increased privacy providing cryptocurrencies respectively. This new introduction is believed to be made to have a major fall for the big players such as Bitcoins, Bitcoin cash, Ethereum, Ethereum classic and Litecoin. This makes many users and the cryptocurrency market to stand against the OKEx exchange platform.
The reason why cryptocurrency market is against OKEx now is that with fake volume exchange the trust factor of the exchange in OKEx goes down making users question other exchange platforms too and it also results in users losing in their investments in cryptocurrency as a market and also in their business investments. Thus it is always good to know what is happening in the cryptocurrency market so that you are up to date and can make effective and efficient decisions on your future investments and be happy that you have made a smart choice.
