[Levin]

TUE, APR 05, 2022 - 1:08 PM


[PORTLAND] A closer look at the LooksRare platform that has quickly become the leading NFT marketplace by trading volume shows that most of the activity is actually users selling tokens to themselves to help earn rewards in the form of more coins.

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About US$18 billion of the trading volume on the platform, or about 95 per cent of the total activity, can be attributed to what's often referred to as wash sales

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Some legal observers believe wash trading that is driving the volume on the LooksRare platform is illegal. "I don't care if it is stocks, bonds, Bitcoin, NFTs or baseball cards," said David Silver, a Coral Springs, Florida-based attorney who works on crypto cases.

"Wash trading is a form of market manipulation in which an investor simultaneously sells and buys the same instrument to create misleading, artificial activity in the marketplace."


https://www.businesstimes.com.sg/banking...themselves

[Napoleon Porlumpar]

what coins ?

what are we waiting for ?

[sgbuffett]

Looks like a scam.
Wash sales James sell to John who turns around to sell back to James

Some times James has 2 accounts account A sell to account B...and vice vesa

Wash sales create a fake market ...