Former SEC official claims recent Bitcoin price recovery was manipulation

On Jan 16, 2023

John Reed Stark criticised Bitcoin supporters and claimed that the current Bitcoin trade volume is bogus.

John Reed Stark is a popular cybersecurity expert and is also known for his “The Cybersecurity Due Diligence Handbook”. Stark is highly experienced with data security incidents. He is also the former Chief of the SEC’s Office of Internet Enforcement.

On 14 Jan 2023, Mr. Stark took to Twitter to share his opinion on the rapid Bitcoin price increment and said that it is part of the manipulation.

A former SEC official quoted a recent Forbes analysis of 157 crypto exchanges, which claims recent 51% of daily Bitcoin trade volume was bogus.

Bitcoin’s price is rising for one reason: Market Manipulation. A recent Forbes analysis of 157 crypto exchanges found that 51% of daily bitcoin trading volume being reported was likely bogus (and that was the tip of the iceberg). David Gerard explains: https://t.co/0j3MBw4u6N
— John Reed Stark (@JohnReedStark) January 14, 2023

In the latest, this former SEC official also raised questions over the Crypto companies’ bankruptcy proceedings and asked why these companies followed bankruptcy Chapter 7 code, while they filed for bankruptcy under the chapter 11 code. In short, he wants to know why such crypto companies are not planning to reorganise the business.

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Such disturbing conflicts in the FTX bankruptcy. Not surprising that the US Trustee objects to retention of Sullivan & Cromwell. My question: Why are Celsius/BlockFi/Voyager/FTX/etc. in Chapter 11 (reorganizations) as opposed to Chapter 7 (liquidations)!?https://t.co/FqP1z5N9eR pic.twitter.com/AJHmKRYA1q
— John Reed Stark (@JohnReedStark) January 15, 2023

Bitcoin price

At the time of writing this article, the price of Bitcoin is $21,115 and this price is 26% higher over the last 30 days’ trade price.

According to available data reports, the BTC price gained this sudden increment after 9 months. To this date, Bitcoin is down by 69% from its all-time high, which is $69k.