Bitfinex Accused of Astroturfing; What Do We Know About the Exchange’s ‘Artificial’ Numbers?

  • Bitfinex is being accused of astroturfing
  • There is confirmation Bitfinex performed these activities

Crypto enthusiasts on Twitter and other social networks have been talking about rumours of Bitfinex using astroturfing tactics on social media. The company is accused of engaging in presenting a fake marketing campaign about the company and the services it provides.

Is Bitfinex Behind Deceptive Marketing Practices?

According to some reports, there are leaked screenshots of individuals that are asked to write fake reviews, downvoting negative comments related to Bitfinex and upvoting “newsworthy articles.”

Moreover, the users should present proof of what they have done to improve the exchange’s image on social media.

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At the moment, there is no information about who leaked the images. Nevertheless, it is possible to see that the company promoting these activities is called PIDC Networks Pv Limited. The firm has also informed that they operate on Twitter, CryptoCompare, Medium and Wikipedia. The firm in charge of this campaign is located in India and it works on Business Services.

There are other reports that say that Bitfinex never outsourced the task to an offshore bounty hunting group. Indeed, some users do not believe in the authenticity of the images uploaded to social networks. Bitfinex has been involved in recent controversies regarding $850 million in funds that were moved from Tether (USDT) to cover up loses.

During a conversation with BeinCrypto, the twitter user Bitfinex’ed, commented:

“Bitfinex hired two firms, one for the Twitter bot attacks and another to talk to reports. They also downvote anything negative about Bitfinex on Reddit and post fake positive reviews on multiple sites.”

Astroturfing is not uncommon for the cryptocurrency space. During the Initial Coin Offering (ICO) craze, these were very common practices for projects.

According to CoinMarketCap, Bitfinex is the 47th largest crypto exchange in terms of traded volume. In the last 24 hours, the platform handled $117 million in traded volume.

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