In the digital currency industry, competition is fierce and the market fluctuates frequently. Recently, the highly-watched digital currency trading platform OKEx has been caught in a storm. According to the Blockchain Transparency Institute (BTI), up to 90% of OKEx's trading volume is achieved through wash trading. This accusation has plunged OKEx into a whirlpool of public opinion. The CEO not only refuted the accusation, but also accused BTI of betting on the real trading volume data with 100 bitcoins. What secrets are hidden in this dispute? This article will analyze and reveal the truth in depth.

As an important role in the field of financial technology, digital currency trading platforms have always attracted market attention. As one of the best, OKEx has attracted much attention for its strength and reputation. However, this accusation by BTI has cast a shadow on OKEx. Is 90% of the wash trading true? How did the CEO of OKEx refute this accusation? Let's unveil this mysterious veil together.

For the digital currency market, trading volume is a crucial indicator. However, BTI's accusation makes people doubt the authenticity of OKEx's trading data. Wash trading is an unethical behavior that not only misleads investors but also distorts the market competition environment. If OKEx really has wash trading, what impact will it have on the entire digital currency industry? This requires us to dig deeper into the motivations and interests behind it.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

According to the market detection report previously released by the Blockchain Transparency
Institute, it is the exchange with the highest proportion of wash trading. OKEx issued a statement to the media stating that the above-mentioned statement about fake trading is "false accusation and misleading".

It is understood that the detection report of the Blockchain Transparency
Institute is intended to fully verify the trading volume data submitted by cryptocurrency exchanges, screen out all wash trading through its proprietary algorithm, and exclude them from the data.

However, OKEx believes that "the research method of the Blockchain Transparency Institute is not transparent and does not provide data to support its claims." OKEx
continued that as a cryptocurrency derivatives platform, its service objects are mostly hedge funds, proprietary traders and high-frequency trading companies, and its trading model is naturally different from that of general spot exchanges. Furthermore, due to the complexity of derivatives trading, a single user can make thousands of transactions per day through machines. Trying to use the parameters of website and mobile traffic for analysis in any study is actually equivalent to comparing apples with oranges.

In addition to accusing the Blockchain Transparency Institute of lacking comprehensiveness in its analysis and using inappropriate methods to check the exchange's reported trading volume, OKEx also promised in a statement that it would "work to mitigate manipulation and related risks on the platform" and revealed that "we have a trading supervision team that monitors OKEx's transactions 24/7. Any suspicious market manipulation will alert our system and the users involved in the relevant exchange will be immediately suspended or terminated. We also work with AML companies and continuously upgrade our KYC systems to ensure the health of our market." This morning (24), OKEx CEO Jay Hao named the Blockchain Transparency Institute on Twitter and said, "I bet you 100 bitcoins that you are wrong. If we can prove that more than 10% of the trading volume on the platform is true, you must give me 100 bitcoins. If we can't prove it, I will also give you 100 bitcoins. If you don't dare to accept the challenge, you should apologize for this false report." So @BTI___ claimed 90% of our volume is fake. I dare you 100 BTC that you are wrong. If we can prove 10%+ of our volume is real, you give me 100 BTC. If we
can't, I give you 100 BTC. What say you @BTI___ ? If you dare not to accept
challenge, please apologize for the allegation. pic.twitter.com/J3On9Lirhj

— Jay Hao (@JayHao8) September 24, 2019

Five hours later, Jay Hao tweeted again, "Blockchain Transparency Institute
just updated the website. Mysteriously, our wash trading has dropped from 90% to 73.22% now. Still waiting for your apology, otherwise we will investigate this matter in depth."