Report: Indian crypto exchange Zebpay manipulated market by provocative emails

According to BTC Wires, the cryptocurrency exchange Zebpay has made several unacceptable steps to manipulate the local market, as evidenced both by the saved situational email messages from the exchange and by the stats of Bitcoin’s rupee price motion (BTC/INR).

Image: BTCWires.com

The first email has been sent during a relatively good price. In the notice for investors, Zebpay has exaggerated the consequences of the regulatory statements, creating a panic among the client base. The price of Bitcoin has fallen, and the second message and the third one only worsened the situation. The fourth notice and some clarifications have helped the market to regain optimism. BTC Wires authors consider all this a deliberate and complex scheme which has enriched the exchange owners.

While the theory looks plausible, one should note that this may be not the work of the whole organization, but rather some malicious employees within the walls of the company. Furthermore, the information has not been verified enough to state with certainty that these messages were not from hackers. The latter assumption, however, looks even less reliable considering all the time Zebpay had to refute what those hackers wrote - and the organization has not done this.

Image: stfnews.in