“The following day, BaseFEX’s trading volume decreased by 99.99%.”
BaseFEX faked its volume with a bot firing random market orders every few seconds. An unemployed Bitcointalk user with $1,000 and under 1,000 lines of Python sat on both sides of the book and turned 0.3 BTC into 3 BTC in a month. BaseFEX banned him, kept his withdrawal and switched off the bot. The $100 million a day vanished overnight, because it was never there.