Asian Doll House Tokyo


Yet on some exchanges, trades get executed at prices and sizes that fall outside anything sitting on the order book. On Digifinex, a Singapore-based crypto trading venue, Alameda observed bids and asks for bitcoin between $8,296 and $8,298, but several trades printed at $8,290 and $8,293, prices lower than what anyone was willing to sell at.

On LAToken, a Moscow digital exchange, Alameda saw bids and offers with a maximum size of 1.6 bitcoin in the order book. Implausibly, several trades sailed through at sizes up to 20 bitcoin. LAToken founder Valentin Preobrazhenskiy says his platform only has a “tiny share” of 20-bitcoin orders and that exchanges use inflated volumes as a marketing tool. “The situation would change when large exchange-ranking sites would add a section for trading volumes based on trades reported to regulators,” he says. On Singapore-based ABCC, the best bid and offers Alameda saw were for sizes less than one ether, yet several transactions materialized with sizes of up to 11 ether. 
Among trading venues, there’s also the well-worn method of simply printing transactions that fall in the middle of the bid and ask prices, which Alameda’s research spotted in IDAX and Coineal. In total, Alameda’s report gives examples of fishy trading patterns on 60 different crypto exchanges. Aside from LAToken, none of the exchanges named above responded immediately to Forbes’ request for comment. 



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