An investigation reveals that around half of the 1,700 winning wallets in PancakeSwap's trading contest were connected, with blockchain records indicating possible wash trading to meet contest thresholds.
Cointelegraph's investigation into PancakeSwap's July trading contest has revealed suspicious patterns, with approximately half of the 1,700 winning wallets showing interconnected activity. Around 850 wallets were funded by other winners, using wash trading of sponsored tokens to meet the contest's thresholds. League of Traders representatives claimed the odds of such extensive wallet connections occurring randomly are nearly zero, suggesting possible manual selection. This marks the second edition of the contest, sponsored by League of Traders, Bedrock DAO, MilkyWay, NodeOps, and Moonveil.