87% percent of Virtual Currency Transactions Are Unreliable

"87 percent of virtual currency transactions are fake," said Joshua Frank, the CEO of The TIE, which analyzes data on virtual currency. The biggest problem still lies in deceiving the eyes of DATA sites trying to gather the right data, and the inability of the general public and brokers to trade with confidence," he pointed out in an interview with AMBCrypto.

Virtual currency data sites such as CoinMarket Cap (CMC) were previously criticized by The TIE for overlooking the exchange that is reporting false transactions.

Joshua Frank points out that "exaggerating transaction volume or deceptive buying and selling are still widespread throughout the virtual currency industry." The CMC is trying to manage the data more accurately, but there are still many negatives influences that are trying to manipulate the market.

In order to improve the accuracy of the "overflow" issue and transaction charges announced by the virtual money fund, Bitwise Asset Management in May this year, CMC has been working with the Binance, Bittrex and Huobi exchanges to form a Data Accountability & Transparency Alliance (DATA) but is still not improving.

Frank said, "if the correct transaction amount is not shown, there is a possibility that the transaction amount will be misjudged or that there will be a difference in the actual agreed price. This is because transaction volume data is an important indicator for price and investors.

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