BTI Alleges OKEx of Orchestrating DDoS Attack Amid Wash Trading Report

The Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Transparency Institute (BTI) last week published a report showcasing the wash trading in major crypto exchanges and is now blaming OKEx for orchestrating a DDoS Attack DDoS Attack A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources Read this Term on its website.

Looks like someone planned a DDOS attack to go along with their article denying the accuracy of our reporting. We are now back online and look forward to sharing our data with them and others in reducing all the manipulated data in the space. @Cointelegraph @OKEx

— Blockchain Transparency Institute (@BTI___) September 23, 2019

Though according to the report, exchanges like Kraken, Poloniex, Upbit, and Coinbase are the cleanest exchanges, it pointed out that major exchanges like OKEx are recording 90 percent in faking trading volume.

This immediately attracted the attention of the exchange which claimed the report to be “not accurate and misleading.”

Though in a series of Tweets, BTI did not specify OKEx’s role in DDoS attack on its website, its hint was very obvious.

It also alleged that the attack was in coordination with the publication of an article on Cointelegraph which noted the exchange’s response to the report.

BTI also pointed out that the wash tradings are often allowed by some devs and the upper management remains in the dark of any information of such deeds. Fortunately, the agency is still willing to share its data with OKEx to improve the quality of crypto trading exchanges.

Many times we have found members of the upper management aren't even aware that one or some devs are allowing the wash trading to occur.

— Blockchain Transparency Institute (@BTI___) September 23, 2019

An accurate report or exchanges are alarmed?

Jay Hao, chief executive of OKEx, also pointed out that within a couple of days of BTI has changed the wash trading percentage on OKEx from 90 percent to little more than 73 percent.

BTI just updated the website. Now our wash trading volume decreased from 90% to 73.22% mysteriously? Waiting for an apology before we look into this any further. pic.twitter.com/FsfOX3XCVE

— Jay Hao (@JayHao8) September 24, 2019

“We have a trading surveillance team working 24/7 to monitor the trades on OKEx. Any suspicious market manipulation such as self-trading will alert our system, the users involved will have their accounts suspended or terminated immediately. We also partner with AML companies and consistently upgrade our KYC system to ensure that our market is healthy,” OKEx noted in a statement to Cointelegraph.