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Crypto Exchange Bitfinex Responds To Allegations Of Fake USDT Volumes On CoinMarketCap

Crypto exchange Bitfinex has responded via a tweet to allegations made by a recent media report that the exchange is publishing fake USDT volumes on CoinMarketCap. On October 23, users noticed that there was a USDT/USD market listed on Bitfinex’s CoinMarketCap page. However, in reality, this pair was nowhere to be located on their website. The market that was shown had $45 million of reported daily volume.

The popular media outlet had alleged in an article that Bitfinex’s data on CoinMarketCap was misleadingly inflated by reporting a USDT/USD trading pair, which as of press time appears to account for $33,598,474 or 18.30 percent, of a total 24-hour traded volume of $182,742,351.

The article published by the media outlet had argued that crypto exchange Bitfinex does not provide a USDT/USD trading pair. It claimed that this was an intentional strategy from the exchange’s end to make it appear as though a large volume of such trades were taking place on the platform. Bitfinex’s users were in fact, only able to withdraw and deposit both U.S. dollars and Tether through their accounts, rather than being able to execute such trades.

In its clarification, Bitfinex tweeted stating that the API link that was provided by both the CoinMarketCap’s representative and the exchange to the media outlet does not lead to a live website, as of press time. It further added in its tweet stating that the exchange is not publishing fake numbers. The API method that is known as “movement_volume” isn’t part of their ticker API, as stated in the Cointelegraph report.

The exchange further explained that this published volume is from Tether withdrawals and deposits. Kasper Rasmussen, Bitfinex’s head of marketing, responded to the media outlet and stated that the exchange does not have a direct USD/USDT pair, so he believes it represents withdrawals/deposits of some kind.

As reported on CryptoGlobe, crypto exchange Bitfinex’s marketing head later clarified that the reason why the market is on CoinMarketCap is that the latter tracks the former’s APIs and displaying this pair is not something that they have control over and nor it is something that they have pushed for.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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