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We'd like to ask @Bilaxy_exchange to delist $XFT.
Please use trustless #DEX's like @UniswapProtocol & @BalancerLabs.
A story about why #DEX is the future, and the days of dodgy, fake-volume, predatory, low-tier #CEX's are numbered
Please use trustless #DEX's like @UniswapProtocol & @BalancerLabs.
A story about why #DEX is the future, and the days of dodgy, fake-volume, predatory, low-tier #CEX's are numbered
2/ The Offshift team looked into Bilaxy's $0.5m - $1m daily XFT/ETH trade volume after receiving reports from the community that something seemed off.
Bilaxy isn't a listing we asked for. Fine they listed, as long as the market is genuine, but the volume is fake, maybe entirely.
Bilaxy isn't a listing we asked for. Fine they listed, as long as the market is genuine, but the volume is fake, maybe entirely.
3/ Filled orders all seem to execute somewhere in the (considerable) spread, above the highest bid & below the highest ask, without ever appearing in the order book.
When we looked into the exchange's wallets, we found a total of 1 deposit for 100 $XFT. https://etherscan.io/token/0xabe580e7ee158da464b51ee1a83ac0289622e6be?a=0xcce8d59affdd93be338fc77fa0a298c2cb65da59
When we looked into the exchange's wallets, we found a total of 1 deposit for 100 $XFT. https://etherscan.io/token/0xabe580e7ee158da464b51ee1a83ac0289622e6be?a=0xcce8d59affdd93be338fc77fa0a298c2cb65da59
4/ A 20 $XFT test deposit from a user verified this to be the exchange's hot wallet for XFT, with no identifiable cold wallet.
It was suspected @Bilaxy_exchange now only had 120 XFT to account for nearly $1m in daily trade volume, so the user bought ~186 XFT & tried to withdraw.
It was suspected @Bilaxy_exchange now only had 120 XFT to account for nearly $1m in daily trade volume, so the user bought ~186 XFT & tried to withdraw.
5/ (^Note the 39 $XFT withdrawal fee, ~ $62 at the time.)
The withdrawal became stuck in "processing," so the user messaged support. Their reply is below.
The withdrawal became stuck in "processing," so the user messaged support. Their reply is below.
6/ They claimed they don't keep much in the hot wallet (despite having balances of at least 8 other tokens > $20k), and needed to transfer some $XFT in from the cold wallet.
The "cold wallet" that transferred in has ~2700 $XFT that were bought on Uniswap. https://etherscan.io/token/0xabe580e7ee158da464b51ee1a83ac0289622e6be?a=0xd84f8623f6516ca1681481f3e5c2b6bc9c711b17
The "cold wallet" that transferred in has ~2700 $XFT that were bought on Uniswap. https://etherscan.io/token/0xabe580e7ee158da464b51ee1a83ac0289622e6be?a=0xd84f8623f6516ca1681481f3e5c2b6bc9c711b17
7/ Most concerning, Bilaxy's "cold wallet" actively trades Bilaxy-listed tokens on Uniswap.
Sometimes it even receives tokens from Bilaxy2, the hot wallet, (presumed to be user funds), then sells them on Uniswap. https://etherscan.io/address/0xd84f8623f6516ca1681481f3e5c2b6bc9c711b17#tokentxnsp
Sometimes it even receives tokens from Bilaxy2, the hot wallet, (presumed to be user funds), then sells them on Uniswap. https://etherscan.io/address/0xd84f8623f6516ca1681481f3e5c2b6bc9c711b17#tokentxnsp
8/ We're not sure what exactly is going on here, but we don't want Offshift users to be at risk.
Again, @Bilaxy_exchange, please delist $XFT.
@HooExchange, you're next
The +$1m volume looks nice on @CoinMarketCap & @coingecko, but it's fake. We'll get there the right way.
Again, @Bilaxy_exchange, please delist $XFT.
@HooExchange, you're next
The +$1m volume looks nice on @CoinMarketCap & @coingecko, but it's fake. We'll get there the right way.
