Solidus Labs, a crypto-native trade surveillance and risk monitoring firm, has released a report that reveals wash trading activity of at least $2 billion worth of cryptocurrency on Ethereum-based decentralized exchanges (DEXs) since 2020. The report found that wash traders manipulated 67% of the 30,000 DEX liquidity pools analyzed, accounting for 16% of the total trading volume.The report also highlighted an example of a network of connected wallets that engaged in wash trading a meme token called “SHIBAFARM” to manipulate its price and make a profit of over $2 million. Asaf Meir, the Founder and Chief Executive of Solidus Labs, emphasized that market manipulation remains a significant challenge within the crypto industry.To address on-chain wash trading, Solidus Labs is developing solutions such as Token Sniffer, DEX-Based Insider Trading, and DEX-based A-A Wash Trading Detection. EDX Markets, a crypto exchange supported by major Wall Street entities, recently partnered with Solidus Labs to bolster transaction monitoring on the EDX platform.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	9
People	EDX Markets, Asaf Meir
Companies	EDX Markets, Citadel, Solidus Labs, Schwab, Fidelity
Currencies	Ethereum, Bitcoin, shibafarm
Securities	None