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$2.57 Billion in Fake Volume: Two On-Chain Heuristics You Can Use to Spot Wash Trading Yourself

The same address completing a buy and sell within 5 minutes, nearly breaking even, repeated three or more times — this is the most common on-chain fingerprint behind $2.57 billion in wash trading.
Nadia Kovac · August 31, 2026
In 2024, on just three chains — Ethereum, BNB Smart Chain, and Base — On-Chain Analytics firm Chainalysis estimated up to $2.57 billion in trading volume was likely generated by Wash Trading: the same entity repeatedly buying and selling to itself, manufacturing an artificial illusion of market demand. This article breaks down the two detection heuristics Chainalysis actually uses, so you can...
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"The same address completing a buy and sell within 5 minutes, nearly breaking even, repeated three or more times — this is the most common on-chain fingerprint behind $2.57 billion in wash trading."
— Onchain Bible
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