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Rigged Crypto Market

Wash trading, tape painting, spoofing, pump and dump.

There have been so many people sentenced for these activities. Despite the fact they know it is illegal they keep trying.

Now let's imagine you are one of the people who want to make big money in the market, you can try one of the activity mentioned above, but you are facing the risk of going to jail. Well it does not sound so cool anymore, right? But wait... What if there was some kind of unregulated market with big cap and liquidity?

Aaaaand there is one =) In my personal view, all the market fraudsters are already there, rigging the crypto market with style.

I can't tell you what the consequences might be nor how will this end. But I've found some evidence and obvious facts I would love to show you so you will be more careful if trading cryptos. Needless to say, it is really hard to find these and the guy, who firstly presented "Spoofy" on one of the crypto exchanges, is now facing a law suit.


"Submitting a genuine order on one side of the book and multiple orders at different prices on the other side of the book to give the impression of substantial supply/demand, with a view to sucking in other orders to hit the genuine order. After the genuine order trades, the multiple orders on the other side are rapidly withdrawn."

Many people are reporting this on several exchange markets. What can you do about it? They just laugh to you...

Tape Painting

"Painting the tape is a form of market manipulation whereby market players attempt to influence the price of a security by buying and/or selling it among themselves so as to create the appearance of substantial trading activity in the security. Painting the tape is an illegal activity that is prohibited by the Securities and Exchange Commission because it creates an artificial price for a security."

Placing 5 BTC ask/bid side, creating fake Volume throughout the whole days, months...

I know it is not so obvious here, but there are videos with those 5BTC orders are still being placed over the whole day on both sides... It could be some Market making practice, but I can't see the logic if it really was MM.


I really do believe that the blockchain will change a lot and that there are some altcoins which could be of a use in the future. But now, with huge space for all of the kinds of fraudsters, it is not viable to survive. The people are being ripped off right now at some of the exchanges and they don't see it. Hope this helps to some and at least they will move to exchanges where no market frauds were spotted. The question is whether it is possible to find such.

If you found this interesting, there are more detailed articles on medium, Meet ‘Spoofy’. How a Single entity dominates the price of Bitcoin. It will lead you to other interesting stuffs about this topic.

E-mail me when people leave their comments –

Daniel Stasziek - trading since 2009. If you want to start trading, I suggest you follow the general advice: "run very quickly, the other way."


  • good article, this whole bitcoin is still new to me, but seems like balloon right now, just waiting to pop and fall down

  • Excellent blog Daniel Stasziek and food for market thought. I agree with Viktor too. Some leading market analyst suggest Bitcoin has become the new Gold market as it continues to attract speculators, almost like a kind of Gold rush. Lets just hope it's not the new fools Gold though. The Painting the tape is probably more common place than most analyst would like to admit.

    Best Regards,

    Sir Gissachance

    Daniel Stasziek The Foreign Exchange Markets. Forex Social Network for Traders. Join the FX Forum, write a blog & join the discussions.
  • I am glad you like it guys :) So far, the low volume traded on futures contracts shows that the tape painting on unregulated Bitcoin exchanges is real and serious stuff. I am just curious if those painters will want to cash twice when everything will be falling =) But the margin requirements on the futures market are way too high for them. So mby plan B, is to continue with spoofing and painting the tape.

    Bitcoin - CME Group
    CME Group's U.S. Equity Index Products include futures and options on the benchmark S&P, NASDAQ-100, and Dow indices.
  • while we all know about BTC, there are more than few other virtual currencies 

    The number of cryptocurrencies available over the internet as of 27 November 2017 is over 1324 and growing

     bit too much LOL



    List of cryptocurrencies
    This is a list of cryptocurrencies. The number of cryptocurrencies available over the internet as of 7 January 2018 is over 1384 and growing. A new c…
    • It is like penny stocks imo. Great place for those who can pump and dump it. Bad place for people who are looking for the next bitcoin in the 1324 cryptocurrencies and believing they will become quick billionaires soon

      List of cryptocurrencies
      This is a list of cryptocurrencies. The number of cryptocurrencies available over the internet as of 7 January 2018 is over 1384 and growing. A new c…
  • very good blog Daniel

    • Thank you Gene. Have you tried cryptos?

  • Awesome post Daniel Stasziek and any chance we could add Fxmos-currency to Viktor's list of the 1324 counted so far?

    Happy New Year.



    • Yes, we can. We could issue and assign as many coins as each member has points in the ranking system. And so the overall number of coins in circulation would be the equity of FXmo (common stock). Every member would be a shareholder and how big stake he would have in FXmo would depend on how active he is =))

      The only problem, with creation of our own unique blockchain and so crypto coin or crypto share (stock), is the IT security. I can't do that =(  So unfortunately it would be vulnerable to hackers' attacks who would like to steal the coins from users' wallets and become the main shareholders :D Fortunately, my roommate can, in case this all would turn to more serious direction.

      On the other hand (at least here in CZE) there is no problem to clasify it as an "equity", because the law does not know anything like a blockchain nor crypto anything... Also the capital and dividend return (dividends as more crypto-shares) will not be under the tax obligation. Which is cool. That is exactly why, all those crypto things will work and works just because it is not regulated and people think it will be so forever. But once it will be implemented to the law, it will loose its charm and the only benefit it has, to fuck the system up, will be gone and so cryptos as we know them today will be useless 5 years ago the same was said by Warren Buffet. In more fashioned way ofc

  • So I have 2770 Fxmos coins now and rising as I accrue more with each comment and activity!

    You're gonna need your buddy to lock these FXmos currency down now and protect my new assets!

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