Wash trading gone wrong - how a $100M/day crypto exchange accidentally bankrupted itself

BaseFEX, a crypto exchange marketed as a "Bitmex alternative," bankrupted itself through wash trading, a cautionary tale for other exchanges. Using rudimentary methods to fake volume, BaseFEX attracted attention but was eventually exploited by a Russian user who earned a 1,000% return with a simple trading bot. BaseFEX's trading volume plummeted, and the exchange faded into obscurity, leaving the user unable to withdraw funds but with the satisfaction of single-handedly bringing down a $100M volume/day platform.