A good amount of the top accounts that convert HBD to Hive do business with the korean exchange Upbit. The playbook that they use is the following:

• HBD dumps on Upbit (but not on Bittrex).
• They buy HBD on Upbit then convert to Hive.
• They send hive to the exchange and sell.
• Rinse and repeat.

Since you can only do business on Upbit if you are a korean national it is very difficult to arbitrage the mini pump and dumps of HBD that happen on that exchange. I have thought about signing up on Upbit Indonesia to arbitrage HBD with Bittrex but both require KYC.

If we can get more exchanges to list HBD we could brake the trading game that they are playing.