ME News reports that, on August 26 (UTC+8), the Korean exchange Korbit implemented a zero-fee policy for all cryptocurrencies on its KRW market starting August 24. On the first day of implementation, RLUSD trading volume surged from an average of approximately KRW 4.3 billion per day in the previous week to KRW 301.9 billion, an increase of about 70 times, accounting for 91.4% of Korbit’s total platform trading volume for the day. CoinMarketCap has since excluded this trading volume from its statistics, labeling it as "--%". Industry insiders noted that trading during this period exhibited repetitive patterns with limited price fluctuations, raising suspicions of wash trading, as the elimination of transaction fees removed the cost barrier for repeated trades. Korbit responded that it had issued a market alert regarding the abnormal trading activity and emphasized that the enhanced monitoring standards for abnormal trades are unrelated to the fee waiver policy. (Source: Foresight News)
Korbit's zero-fee policy triggers 70x surge in RLUSD volume, suspected fake trades
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Summary
Korbit’s zero-fee policy triggered a 70x surge in RLUSD trading volume on August 24, reaching 301.9 billion KRW. The token accounted for 91.4% of the exchange’s total trading volume that day. CoinMarketCap excluded the data, citing irregularities. Insiders observed repetitive trades and minimal price movement, raising concerns about fabricated activity. Korbit issued a market alert, stating its monitoring system is operating normally and is unrelated to the fee change.
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