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Leaked documents supposedly demonstrate the CEO of Canadian digital asset exchange Coinsquare arranged wash trades to increase the volumes of the exchange.
In the newest setback to the beleaguered cryptocurrency exchange, reports are claiming the CEO of orchestrating a wash-trading scheme in evident desecration of the country’s securities law.
Wash-trading is defined as the practice of artificially bloating an exchange’s trade volume through implementing bigger zero-fee market trades. This creates the appearance of hefty trading activity without any assets actually being traded. Notably, the aforementioned practice is prohibited in conventional asset markets because of its tendency for price rigging.
The allegations imposed at Coinsquare were first reported by Vice on 13th June. The publication asserted to have found leaked emails, messages, and other files accusing Cole Diamond, the CEO of the exchange.
It is to be noted that the aforementioned accusations follow reports of a key data hack that witnessed email addresses of around five thousand customers at risk due to SIM-swapping attacks earlier this month.
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