Wasyluk’s project lost 750 bitcoins when cryptocurrency exchange Moolah collapsed in 2014. REUTERS/Joshua Roberts
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Some of the freewheeling exchanges are plagued with poor security and lack investor protections common in more regulated financial markets, Reuters found. Some Chinese exchanges have falsely inflated their trading volume to lure new customers, according to former employees. From about early 2014 until late January this year, Chinese exchanges accounted for about 90 percent of global bitcoin trading volume, according to the website bitcoinity.org, which collates trading data reported by exchanges.The transactions were logged on the exchanges but not recorded on the blockchain, according to a former employee.Four former employees at BTCChina, including one of its co-founders, said the exchange had also engaged in faking its trading volumes.
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