Wash trading in decentralized markets remains a significant concern magnified by the pseudonymous and public nature of blockchains. In this paper we introduce an innovative methodology designed to detect wash trading activities beyond surface-level transactions. Our approach integrates NFT ownership traces with the Ethereum Transaction Network, encompassing the complete historical record of all Ethereum account normal transactions. By analyzing both networks, our method offers a notable advancement over techniques proposed by existing research. We analyzed the wash trading activity of 7 notable NFT collections. Our results show that wash trading in unregulated NFT markets is an underestimated concern and is much more widespread both in terms of frequency as well as volume. Excluding the Meebits collection, which emerged as an outlier, we found that wash trading constituted up to 25% of the total trading volume. Specifically, for the Meebits collection, a staggering 93% of its total trade volume was attributed to wash trading.

翻译：去中心化市场中的洗售交易依然是一个重大问题，由于区块链的匿名性和公开性而被放大。本文提出了一种创新方法，用于检测超越表面交易的洗售活动。该方法将NFT所有权追踪与以太坊交易网络相结合，涵盖了所有以太坊账户正常交易的完整历史记录。通过分析两个网络，我们的方法相较于现有研究提出的技术取得了显著进步。我们分析了7个知名NFT集合的洗售交易活动。结果表明，无监管NFT市场中的洗售交易是一个被低估的问题，其频率和规模都远比想象中更为广泛。除去被视为异常值的Meebits集合外，我们发现洗售交易占总交易量的比例高达25%。具体而言，对于Meebits集合，其总交易量中多达93%归因于洗售交易。