Is Bilaxy's CEL Listing Genuine & Why Was A Statement Issued?
A few days ago, Celsius issued a statement regarding the exchange Bilaxy, which listed a trading volume of $9 million for CEL. In the statement they claimed that they are in no way affiliated with Bilaxy and have not listed CEL with them.
Later Celsius' CEO, Alex Mashinskhy and On Levin of Cointelligence, looked into Bilaxy and claimed that the exchange is a scam.
Essentially Mashinsky and Levin claimed that the Bilaxy had fake volume of CEL and Liquid has the majority of CEL in exchanges.
A Look into Bilaxy
We've previously published an article regarding red flags to look for with exchanges. It seems that Bilaxy checked nearly every box for suspicious activity.
They seemingly have no social media channels or Telegram groups and very limited ways to contact their team. Bilaxy does not seem to have any form of regulation and does not list the country it is based in.
Additionally, there seems to be times when the trading volume drops to zero with certain tokens which is a tell-tale sign of fake volume. This implies that a trading bot that was faking volume has malfunctioned.
It seems that Cointelligence and Mashinsky were right about their analysis and something is very fishy with Bilaxy. Hats off to them for warning the community.
CEL Token Performance
Over the past week Celsius token's value (CEL) has increased by 40%. During the last 7 days, its price went from $0.171 to $0.243 in fiat evaluation. Its Bitcoin evaluation also increased from 0.00001950 BTC to 0.00002530 BTC.
Following this price rise, Celsius has risen to the rank of #93 on CoinMarketCap and #63 on CoinGecko. This makes Celsius one of the largest cryptocurrency lending & cryptocurrency interest platforms alongside Binance and Crypto.com.
Should we see CEL listed on more exchanges in the future, it could possibly head higher on the CoinMarketCap & CoinGecko rankings and in price.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado