Crypto analyst DBCryptO recently revealed that the Solana blockchain was a platform for illegal trading manipulations, resulting in a shocking $800 billion volume spike over two days.
Detection of Wash Trading Scheme
On September 8, 2025, DBCryptO posted on X accusing a single wallet, 2HDozvLZ8JPC8tuj5gKicAX3UX92AaKqXKkNGTyQgxC5, of generating $48.8 billion in fake trading volume using USDC and JUP token swaps. The total volume reported reached over $800 billion across multiple token pairs from September 6 to 8, 2025.
Volume Manipulation Mechanism
The post claims the fake trading was executed by borrowing $10.8 million in USDC from Marginfi. The process involved swapping it into JUP and then back to USDC, repaying the loan thousands of times using Solana's fast, low-cost infrastructure. No real profit or demand was created, supported by blockchain transaction data.
Reactions and Consequences
In traditional markets, wash trading is illegal. DBCryptO stated that in such cases, individuals could face prison time. He also raised concerns over Solana's ecosystem, suggesting it relies on distorted metrics for its reputation, involving bots and other tricks affecting transaction rates and trading volumes. As of now, there has been no official response from Solana, leading to increased speculation.
The issue of fake volumes on Solana raises significant questions about the transparency and reliability of blockchain systems. The community's reaction and necessary steps in response to these allegations may shape future standards within the industry.
