LooksRare made its debut on January 10 and the recently launched NFT market has drawn a lot of attention, not only because its daily trading volumes were more than double that of Opensea on the second day of trading, but also because it has become the new playground for wash traders.
Wash trading is a series of trading activities where the same trader simultaneously buys and sells the same instrument, creating an artificially high trading volume and a manipulated market price for the asset in play.
In the United States, wash trading in traditional financial markets has been illegal since 1936 and the most recent highly publicized wash trading scandal is the manipulation of LIBOR in 2012.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.