As per DL News, South Korean crypto exchange Upbit recorded a 27.5% surge in trading volume to over $2 billion just days after a $36 million hack. The spike is attributed to a local phenomenon known as 'fence pumping,' where traders increase buying activity on the exchange due to suspended withdrawals. Upbit reportedly earned over $340,650 in commission fees in a single day. However, the activity subsided by December 2, with trading volume dropping to $1.4 billion. Analysts warn that fence pumping is a form of speculative price manipulation.
Upbit Sees Surging Trading Volume After $36M Hack Amid 'Fence Pumping' Phenomenon
DL NewsShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.