While many exchanges have recently started to delist privacy coins, OKEx’s Monero (XMR) and ZCash (ZEC) markets remain active with abnormal trading patterns. XMR’s time of trade distribution on OKEx noticeably falls out of the common flow of activity observed on Binance and Huobi.
Percent of executed XMR spot trades by seconds on OKEx, Binance, Huobi, 2020. Source: NTerminal
Both XMR and ZEC second-of-trade graphs show abnormal distributions which indicate that the most active trading happens every 5 seconds. …
Kraken’s BTC-USD perpetual swap trading has noticeable automated activity. Both minute- and second- time of trade distributions show trade count spikes in predictable intervals.
FTX demonstrates a noticeable leading digit spike, possibly indicating non-standard trading activity on the exchange. Recent order distribution sizes for COMP (Compound) deviate from other markets and contradict Benford’s law.
The ACFE published an article on how to discern naturally occurring statistical deviations from fraud using Nigrini’s tests. Evidence based on Benford’s law has been used in federal and state criminal and regulatory cases.
Typically, frequency distributions for logged trade volumes have an near linear relationship with…