Monday, June 5

Smart NFT Traders Exploit Crypto’s Unregulated Landscape By Wash Trading On LooksRare By Cointelegraph

©Reuters. Smart NFT Traders Exploit Crypto’s Unregulated Landscape by Wash Trading on LooksRare

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.

Read the full article on Cointelegraph

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