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Crypto exchanges are untrustworthy; who knew?!

We should celebrate Reuters’ richly-produced Chaos and hackers stalk investors on cryptocurrency exchanges, published on Friday.It’s kinda baffled us for five years straight as to why so much of the financial press hasn’t really bothered to kick tyres in the crypto world, entranced by the ever-rising price of bitcoin and seemingly blind to the notion that concepts like “trustless” probably just mean “untrustworthy.No matter!One interesting snippet the Reuters piece offers (which should make those financial analysts who’ve decided to treat this stuff as a serious investment question themselves) is this:One exchange, OKCoin, inflated volumes through so-called wash trades, repeatedly trading nominal amounts of bitcoin back and forth between accounts, two former executives said. The

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Izabella Kaminska
Izabella Kaminska joined FT Alphaville in October 2008, which was, perhaps, the best time in the world to become a financial blogger. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP’s internal magazine. She has also worked as a reporter on English language business papers in Poland and Azerbaijan and was a Reuters graduate trainee in 2004.

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