Because of its small size and short history the cryptocurrency market is among the most easily manipulated ones. Recently, there have been multiple instances of market manipulation in the sphere and the latest one happens to be involved with one of the top three crypto coins, XRP.
The fraud took place on a newly launched crypto trading platform, Beaxy Exchange. However, the exchange recently halted its work due to becoming a target for market manipulators. Right after the platform released, it experienced an XRP price decrease as multiple users sold the coin simultaneously.
The Beaxy Exchange, trying to handle the situation with Ripple’s coin, had to shut the platform down for a couple of days. The platforms began operating in June 2019 and so far it had a difficult time. In the past month the exchange has faced technical problems and fraud. The unstable foundation of the exchange is not making anything easy for them.
Yet, because the anomalies were easy to spot, the trading platform dealed with the issues quickly. The prices shifted fastly and currently user wallets are frozen and the fraudster will not be able to take their money from the exchange. This will stop new issues from arising.
Since Beaxy already has established a KYC network, the criminals will be found soon.