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They take advantage of people by offering high volume and low prices, only to charge them high fees, or disappear with their tokens. We see these same kinds of exchanges popping up over and over again, possibly run by the same people under a different name. The problem is, it's hard to get people to try crypto, and stick with it, when this is what they hear about in the news, or what they encounter when they decide to go buy some coins.
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Celsius aims to bring 100M new people to crypto, for instance. They have some trusted providers listed on their site work but encourage users to always do their own due diligence as well.Īlex and I share a mission to bring more people to cryptocurrency. Celsius recommends that users always carefully research before signing up for an exchange or wallet.This behavior damages the reputation of crypto and causes newcomers to get discouraged and leave. Exchanges like this tend to charge high deposit or withdrawal fees, if they allow people to withdraw their crypto at all.In the video you will see a comparison between charts from CMC and from CoinPaprika, which does not include Bilaxy. Coinmarketcap and CoinGecko use Bilaxy's stats, for instance. This fake volume and lowered price created artifical volatility on any aggregator which included Bilaxy in their API.
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They also claim to have more volume than Binance, but my research shows they get 1/10th the traffic of Binance.There's simply not enough CEL in circulation for Bilaxy to have what they claim. Bilaxy is claiming to have 10x the volume of Liquid, but according to Alex, Liquid has 70-80% of the current CEL held in exchanges.The token was listed with fake volume and an artificially lowered price.CEL token was listed on Bilaxy, an exchange that Celsius had never heard of or communicated with.I had the pleasure interviewing Alex Mashinsky, Founder and CEO of Celsius Network, talk about how a scam exchange and Coinmarketcap’s methods could have damaged Celsius Network.