BTI Report Update: OKEx CEO Demands Apology, Influencer Shares Controversial Info About “BTI CEO”

By Dare Shonubi
Published September 24, 2019 Updated September 24, 2019
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BTI Report Update: OKEx CEO Demands Apology, Influencer Shares Controversial Info About “BTI CEO”

By Dare Shonubi
Published September 24, 2019 Updated September 24, 2019

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

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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.”

Source: Twitter

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.

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.

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.

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.

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. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Dare Shonubi
247 Articles
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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