Home News Indian Exchange BitBns Allegedly Artificially Increases Crypto Volumes, Blames ‘Bug’

Indian Exchange BitBns Allegedly Artificially Increases Crypto Volumes, Blames ‘Bug’

March 20, 2018 16:16
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Over the weekend, some hawk-eyed investors noticed a glaring discrepancy that could potentially spell doom for the ignorant. An Indian cryptocurrency exchange Bitbn’s trade order book reflected some unbelievable data for volume of trade.

On Saturday, the trade book and the 24 hour volume reflected two different values.

Over the course of mere minutes between 5:35 pm-5:40 pm there were only four trades which had a total volume of 350 Electroneum.  Before 5:35 pm, the 24 hour trade volume was 1,66,235. However within a span of five minutes, the 24 hour trade volume shot up to 1,66,935. The difference in the reflected trade volume was nearly 1,050 units.

Between 5:41 pm and 5:43 pm, the trade volume of the same coin was close to 2350. The difference between the 24 hour trade volume also mysteriously changed within minutes. At around 5:40 pm it was 1,66,935 but by 5:45pm, it had shot up to 1,71,635. The difference in the second instance was close to 7,050 units.

In the third instance, the difference between trade volumes was 1,71,635 at 5:44pm but by 5:46, it had mysteriously recorded, 1,78,928. The total volume calculation combining both 24 hour volume trade and the minute volume trade was 11569.5 units.

Electroneum was not the only coin to be affected thus. Another coin, Zilliqa’s trade book also observed a similar glitch, although it was not as huge as Electroneum’s. Between 5:50 pm and 6:20 pm on the same day, the 24 hour volume reflected a discrepancy of nearly 200 units.

On behalf of a user, a cryptocurrency news website called Coincrunch raised this issue with the exchange and were told that it was a bug that has been now fixed.

Bitbns has been receiving great social acclaim on their official Twitter handle, thanks to their prompt replies to queries and equally easy KYC verification of new investors. However, it is a little disconcerting to know that the exchange has not referred to this discrepancy on either their social media handle or through their Medium blogpost. A company is known by how well it handles its crisis. Admitting an error or a technical glitch should not take much effort and customers admire if a company is able to hold itself accountable.

Crypto-news has also reached out to Bitbns, but we are yet to hear from them. We’ll update the story once they revert.

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