In a shocking finding, an analyst has revealed that the Solana blockchain has been caught in a wash trading scheme, which artificially raised trading volumes by an incredible $800 billion over two days.
On September 8, 2025, crypto analyst DBCryptO shared an X post, accusing a single wallet with the address 2HDozvLZ8JPC8tuj5gKicAX3UX92AaKqXKkNGTyQgxC5 of creating $48.8 billion in fake trading volume using USDC and JUP token swaps and over $800 billion across multiple token pairs between September 6 and 8, 2025.
The post claims that the fake trading was carried out by borrowing $10.8 million in USDC from Marginfi. This was done by swapping it into JUP, again swapping it back to USDC, and paying back the loan thousands of times using Solana’s fast, low-cost infrastructure.
The post says that no profit, liquidity, or real demand was created, and it includes a screenshot of blockchain transaction data to back up its claim that this is a clear case of wash trading.
In traditional markets like stocks and commodities, wash trading is illegal. This method is when traders artificially inflate volumes by buying and selling the same asset. The crime is so severe that people even face prison in such cases.
“In equities or commodities you go to prison for this,” DBCrypto said, adding, “On Solana it gets spun as a stress test and celebrated as scalability.”
The analyst boldly claimed that Solana’s ecosystem has built its reputation on fake metrics, with bots and other tricks messing with transaction per second (TPS) rates, trading volumes, and total value locked (TVL). Solana has not yet responded officially, which has led to more speculation.
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