Paycent is a mobile crypto wallet that allows users to manage and exchange using multiple digital assets through your smartphone or physical Paycent Card across 200 countries and 36 million merchants. To celebrate its Binance Dex launch, the company has announced a 45-day long trading contest with $1,000,000 worth of gifts and merchandise.
However, some traders are taking advantage of this opportunity to line their own pocket by using multiple account wash trading. As a long-term believer of the project. I feel responsible to point out these tactics to make the competition fairer for all long-term holders. In this article, I’ll only point out a group of wallets as an example. Personally, I think there are some more that are also doing multiple account wash trading.
Let’s start with the top 1 volume wallet in the leaderboard bnb1mgawe46krnhjldlh7syr8fph7eu53aun2q3syp
This account was created on 02 September 2019, just before the trading competition started. After the creation of this account, 125,000 PYN-C37 was transferred from bnb1xudc8f2fat4d8e9sexmqa2hy37mq79ax082shs. If we examine this new account closely, we see 4 new closely related accounts that were created on the same day and received the initial capitals from this account.
- bnb1mgawe46krnhjldlh7syr8fph7eu53aun2q3syp (top 1 in the leaderboard) (125,000 PYN)
- bnb15yc9yz49h7ceksllmmrxd5khdtgy2ca8sfvrqy (top 4 in the leaderboard) (50,000 PYN)
- bnb1rh5y4v99qf5fr5lq9kz99g025jea4rkcpd0xla ( top 5 in the leaderboard) (50,000 PYN)
- bnb1r4jlc6tkqss0gd2zxwzt9068x5rkgf3qrrxfkr (top 14 in the leaderboard) (50,000 PYN)
What those accounts are doing is they are trying to wash trade against each other in order to increase the trading volume. Let’s look at the transfer transactions between that account. The account number 1 top up the account no.3 and no.4 with 18 BNB and 260 BNB after they run out of BNB.
