Last month it was claimed by the @CoinMarketCap’d Twitter page that CoinMarketCap.com, the top ranked cryptocurrency website in the world, was engaged in fraud, market manipulation and insider trading. The proprietors of the Twitter page published several articles on Medium to support their claims.
CoinMarketCap quickly issued a brief response to BlockCubed in which the company denied the allegations:
“We will be publishing an official clarification within a few days, but the accusations are false on all accounts.”
The clarification and full statement from CoinMarketCap has now been published and the company maintains the position that they are not involved in fraudulent activity. In 6 Myths About CoinMarketCap a portion of which is posted below, they provide answers to some of the claims made against them:
If you’ve been following CoinMarketCap for a while, you’re probably aware that we keep a low profile and rarely make public statements. That said, recently we’ve come across some rumors and false information about CMC that we feel we must clear up.
When we started CoinMarketCap in 2013, our mission was to present the relative sizes of cryptocurrencies in an accurate and easily digestible manner. We continue to use this mission to guide our decisions. Below we have laid out several of the concerns that have been circulated. We hope that by sharing more details on how we operate CMC, we will be able to continue to maintain your trust and be your go-to authority on market cap rankings and pricing info.
The company goes on to list their direct response to several of the allegations made:
(*Please Note: the below excerpts are only a portion of the complete response published by CoinMarketCap)
Myth 1: CoinMarketCap accepts payments for coin listings and updates.
This is simply not true. While we encourage donations for great service, CoinMarketCap does not accept payment of any form to bypass listing requirements or to intentionally publish inaccurate information.
Myth 2: CoinMarketCap engages in acts of insider trading by front running trades for coins before listing them on the site.
There is absolutely no truth to the idea that we trade on any insider information.
Myth 3: Circulating Supply is always straightforward to calculate.
It is important to note that many people disagree on what it means to be in circulation.
Myth 4: CoinMarketCap employees intentionally neglect to update information on specific cryptocurrencies and exchanges.
If an update seems to be taking a long time, it is because we have not yet received adequate verification from the coin/exchange developers to publish the requested change.
Myth 5: CoinMarketCap is run by one person.
We have dedicated teams and roles for each area of operation just like any other business.
Myth 6: CoinMarketCap doesn’t care about the cryptocurrency ecosystem.
This couldn’t be further from the truth.
To read the full statement from CoinMarketCap visit 6 Myths About CoinMarketCap