To cryptocurrency professionals trying to legitimize their industry, market manipulation is a scourge. Once it appears on that influential market data site, an asset can gain the attention of larger platforms and bigger investors. The business is not entirely unheard-of, either, in a global market notorious for its lack of transparency. Bitwise Asset Management, one of several U. It is possible to detect wash trading from the outside, Ong noted. Looking at the trade history and order book of exchanges, one can notice certain patterns and see that something fishy is going on:. One can also look at the trade interval and trade size to detect common recurring patterns to find wash-trading activities. Andryunin arrived late for our meeting in Moscow City, an upscale business district of metal-and-glass skyscrapers, fancy cafes and the offices of multiple crypto-related businesses. He had just seen a client.