Analysts at the US National Bureau of Economic Research studied the statistical and behavioral patterns of users of 29 unregulated exchanges to determine which transactions were real and which were not. The Bureau (NBER) published a report where it concluded that more than 70% of transactions on unregulated crypto exchanges are fictitious (Wash Trading). On twelve second-tier exchanges, sham trades accounted for almost 80% of total trading volume, analysts say.. According to experts, in the first quarter of the year, the volume of Wash Trading reached more than $4.5 trillion in the spot markets and $1.5 trillion in the derivatives markets. Experts believe that there is a short-term benefit from such transactions – an increase in the rating of exchanges on data and statistics sites, as well as the cost of digital currencies. Research published amid ongoing FTX scandal. As trust in centralized and licensed venues declined markedly after the FTX default, users turned their attention to decentralized venues. Earlier, David Zell, co-founder of the Bitcoin Policy research center, said that despite the negative impact of the collapse of the FTX exchange on the cryptocurrency industry, this will strengthen confidence in bitcoin.