Dear Bluefin Community,
We’re excited to kick off these forums with an update on our Trade & Earn program! As of now, we’ve completed 5 epochs - congratulations to all who have been able to participate and earn rewards thus far. Here is a breakdown of early statistics during these epochs:
Bluefin Compliance Update
As a part of this program, we’ve also implemented wallet screening and wash trading policies to ensure that users are trading legally and that rewards are fairly distributed amongst the community. As a reminder, our compliance policy serves to protect ourselves and our community members trading on the exchange.
Wallet Screening
Bluefin’s wallet screening policy, in conjunction with our compliance partner Chainalysis, evaluates addresses across a variety of risk indicators and blocks them from depositing funds into the exchange. The objective of this policy is to ensure that funds that have interacted with sanctions, suspicious activity, or unlawful behavior (as flagged by Chainalysis) are not deposited on the exchange. Bluefin prioritizes screening for, and restricting wallets that have been associated with i) Sanctions*, ii) Terrorist Financing, iii) Child Abuse Material, and iv) High Risk Jurisdictions. To date, Bluefin has had to block 14 addresses from trading on the exchange.
*Sanctioned entities refer to entities listed on economic/trade embargo lists, such as by the US, EU, or UN, with which anyone subject to those jurisdictions is prohibited from dealing. Currently, this includes the Specially Designated Nationals (SDN) list of the US Department of the Treasury’s Office of Foreign Assets Control (OFAC)
Wash Trading
In Epoch 1, there were 10 wallets identified with wash trading activities:
- 0x8d299b798bb82ec72b32217189e4bf7f12a31c41
- 0x2061afda4ed034642225c5d4fc6c9b53c5c6855c
- 0x84dba50ebf328669e48c0ca625dcbeb98b72de0a
- 0x9a79a39e13e61927a71829933c65328608adbb9f
- 0xdf387744976dddd2cc55a39b524ad62a7552fe19
- 0xf488880a38ce134f947eaf5b5050b2464ff2599d
- 0x20906bf25e0c74168277a70dc1d006ac3f1efc12
- 0xfd1d7482375c7f91594b21adb67c4573746dd9f8
- 0x95945f2864ef8f4a018404a059012b5437d70f25
- 0x276ec53be30bd18f435f5ce6f48bfd2e553b3c35
In Epoch 2, there were 2 wallets identified with wash trading activities:
- 0x161abccbcfbaabbe0940f50bf1aecc1bef07de48
- 0xaf41e83c8d3e156e02ecaed908af772c63913246
There were 0 addresses identified as wash traders in Epoch 3.
In Epoch 4, there were 2 wallets identified with wash trading activities:
- 0x67d3419ed6b7284dd0f1be6a9663576f5d18ae3d
- 0x499b8ab6b893ea7960a5df0cbff8ebea1b41e9da
There were 0 addresses identified as wash traders in Epoch 5.
Please note that wash trading is not permitted when trading on Bluefin. It is illegal when done intentionally and also violates Bluefin’s terms of use. For more information, please refer to our wash trading FAQs:
How does Bluefin identify wash trading?
Any two accounts that have most of their volume directly trading against one another will be flagged as intentional wash traders. Bluefin will manually inspect these accounts to ensure that the wash trading is intentional.
What actions does Bluefin take with regards to wash trading?
Once a trader, or multiple traders, have successfully been identified as conducting prohibited trading activity, they will be restricted from earning rewards on volume during that epoch.
Can I have two accounts with opposite positions on Bluefin?
Yes, it’s okay to hedge two accounts against each other as long as they are not directly trading against each other, with one as a maker and the other a taker.
Is it possible to illegally wash trade accidentally?
Wash trading requires intentionality - Bluefin will only flag accounts with the majority of their volume trading against each other as wash traders.
How will I know if my account is flagged as a wash trader?
Accounts that are flagged for wash trading will eventually be notified within the exchange, with the appropriate next steps. In the meantime, Bluefin will share a list here of wallet addresses flagged as wash traders at the end of each epoch cooldown period.