Mark Cuban issues warning over ‘wash exchanges’

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Updated January 30, 2023 | Published January 30, 2023

2 mins read

The Dallas Maverick owner says it’s a question of “when” not “if” crypto crashes again.

Dallas Maverick owner Mark Cuban has voiced his latest predictions on the future of the crypto industry.

Along-standing friend of the crypto sector, Cuban has offered his insight on the matter and said that the discovery and removal of “wash exchanges” could spell the next calamity.

According to Cuban, investors need to be significantly better educated and able to tell “wash trading” exchanges from the rest.

This is easier said than done, given that Cuban was also burned by the Voyager Digital platform, and even faced legal action by disgruntled investors.

This aside, wash trading is a serious issue in the cryptocurrency sector. Wash trading is when an individual plans to buy and sell cryptocurrency of a particular kind in order to manipulate its value and sell it for profit.

The wash trade is part of other scams as well, such as “pumps-and-dumps” which are essentially the artificial inflation of a crypto token’s value before it’s sold off rapidly, leaving the project valueless.

Cuban has been laconic insofar as details go. While he is fairly confident that there are many wash trades happening on central exchanges, he was reluctant to give concrete examples as part of an interview. Rather, Cuban urged investors to be cautious.

He was also certain that it was not a matter of “if” a new implosion is coming, but rather “when” it would happen.

So far, the industry has had a few big cataclysms, including the collapse of the TerraUSD token and FTX, one of the biggest cryptocurrency exchanges.

One instance of “wash trading” recently happened on Mango Markets, with one person charged.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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