- Bitfinex or their PR company may be creating fake Facebook profiles to post artificial comments to sway public opinion about the exchange
- It will be interesting to see if those bots will auto-comment positive insights on this article as well
Bitfinex, one of the largest crypto exchanges, is no stranger to controversy. In the past year alone, the exchange has been involved in scandals regarding the use of Tether to manipulate prices in 2017, has faced claims of insolvency, and has had rocky relationships with banks that have forced them to halt fiat deposits.
The latest incident is much more surprising considering the popularity of the exchange.
The irregular pattern of the social media activity on Bitfinex articles posted on Facebook seems to indicate that the company may be operating fake Facebook profiles to change public opinion.
This was recently observed on some Facebook posts made by CryptoPotato about Bitfinex.
In each post, we noticed artificial behavior in the form of fake users posting comments on a regular basis every 2-3 days. Most CryptoPotato articles may receive a few comments, but one Bitfinex item received nearly 60 comments from different fake Facebook profiles.
This pattern dates back to much older articles we’ve posted about Bitfinex, and can also be observed on Bitfinex articles not posted by CryptoPotato.
In response to our most recent article (titled “Bitcoin Shorts Are Down Over 20% in 3 Days: Speculations Ahead of Bitfinex Jan.7 Maintenance”) the comments show a clear bias towards Bitfinex, more than what would be expected from a regular user of an exchange:
“Now every media site trying to sell themselves to the negativity about Bitfinex not caring about the veracity of the information. I do not think that the leading crypto-exchange is really experiencing problems.”
“Bitfinex is a great company. and if she makes a decision, then the decision is correct. because a team of professionals”
“Bitfinex is no problem. I have been using this site for a long time. and they never let me down”
“Bitfinex is such a reliable exchange and I trust it. I absolutely believe that such maintenance is necessary actions for such huge exchange as Bitfinex.”
These comments come off as very inauthentic and are all posted by accounts that have very few (if any) friends or followers.
It’s not uncommon for internet platforms to make use of fake social media profiles to boost their online presence or counter negative comments, but those sort of actions don’t typically come from reputable or well-performing businesses.
Fake comments but real trading volume
The biggest concern about this is not the fact that Bitfinex may be trying to sway public opinion through fake social media posts, but the possibility that if they’re willing to produce fake comments, they may also be ready to create fake trading volume to appear like a more active exchange.
To clarify, we’ve already cited research indicating that Bitfinex and Binance are providing 100% real trading volume out of all other crypto exchanges.
It will be interesting to see how and if the exchange responds to this specific article, and if their response comes in the form of more fake comments only sharing positive opinions about Bitfinex.