Following OKEx official’s refutation of allegations of wash trading in Blockchain Transparency Institute’s (BTI) recent market surveillance report, a crypto influencer, Mia Tam, has unearthed controversial information about the CEO of BTI. This information indicates that the CEO may have had a vested interest in publishing this report.
Mia Tam Questions the Integrity of the Report
Crypto Influencer Mia Tam, who was apparently outraged by BTI’s allegations of wash trading against OKEx had tweeted yesterday that she will “do a little research on who BTI is funded by.”
Today, Tam revealed the findings of her research on Twitter. According to Tam, BTI painted two major crypto exchanges; Okex and Bitbox as offenders engaged in a high level of wash trading. Tam disclosed that BTI’s report was clearly based on conflict of interest as its CEO, Marcco is also an advisor of Hydro. To make her point of view clearer, she explained that Hydro is currently listed on the crypto exchange, Liquid which happens to be BTI verified. Her implication is that perhaps Liquid might not have made it in the verified list if Hydro was not listed on the exchange.
.@marcco__ @BTI___ @HydroBlockchain So Marco CEO of BTI seems to be an advisor of Hydro if you check this picture, and Hydro is listed in Liquid, Isnt Liquid a BTI Verified Exchange? So what happened to transparency? It seems that there's a big conflict of interest. pic.twitter.com/Pz6n97SThS
— Mia Tam (@_blockandchain_) September 24, 2019
However, Marcco swiftly responded to the findings by first denying that Hydro was listed on Liquid and then, that BTI had no CEO. Further clearing the air on the controversy, Marcco explained BTI had started to maintain contact with OkEx team to help out in any possible ways.
Hydro is not listed on Liquid, and BTI doesn’t have a CEO. But yes, I do help out with both projects for the love of blockchain. The BTI data team will be providing OKEx with reports to help improve the exchange systems so that we can all move past this. They are in contact now.
— Marcco (@marcco__) September 24, 2019
OkEx Responds To The Allegation
Earlier on Monday, the Head of Operations at OKEx, Andy Cheung, commented on a long-standing issue of wash trading on OKEx. According to Cheung, his crypto exchange platform, Okex, is not involved in and does not tolerate any trading behaviors relating to wash trading from customers.
— Andy Cheung (OKEx) (@AndyC0125) September 23, 2019
Cheung further responded by questioning BTI’s metrics and methodologies. According to Cheung, BTI’s Surveillance report was “FALSE”.
Andy Cheung maintained that the methodology used to arrive at such report was questionable as no details about how they had arrived at these figures had been revealed. He further alleged BTI’s website did not seem very transparent.
Also, earlier today, CEO of Okex, Jay Hao responded to the situation by pointing out an observation. According to Hao, OKEx wash trading stats had reduced from 90% to 73.22% mysteriously on the BTI website. Hao also said that he was waiting for an apology before he looked into the matter any further.
BTI just updated the website. Now our wash trading volume decreased from 90% to 73.22% mysteriously? Waiting for an apology before we look into this any further. pic.twitter.com/FsfOX3XCVE
— Jay Hao (@JayHao8) September 24, 2019
Interestingly, BTI’s website has not been working properly since the last day. Yesterday, the website’s page of reports was down. Now, the website is totally inaccessible Given the chain of events in the OKEx vs BTI case, BTI’s reputation seems quite dubious.
Do you think that BTI is actually transparent? Share your views with us in the comments below.