With exchanges becoming a focus as the FTX fiasco continues, a new research paper suggested that almost three out of four transactions in unregulated exchanges are fake. A working paper titled “Crypto Wash Trading” was recently published by the National Bureau of Economic Research (NBER). The researchers wrote that in twelve “tier-2 exchanges,” wash trades amounted to almost 80% of the total trade volume. According to the researchers, there are short-term incentives for wash trading. The movements were observed days after the former FTX CEO Sam Bankman-Fried was released on a $250 million bond. Source: Cointelegraph