DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
tether-refutes-paper-naming-usdt-manipulation-as-cause-of-2017-btc-bull-run

Tether Refutes Paper Naming USDT Manipulation as Cause of 2017 BTC Bull Run

by Admin
November 8, 2019
in Other
280 12
0
Share on FacebookShare on Twitter

Tether fires back at forthcoming paper that alleges that a single whale using USDT was responsible for Bitcoin’s 2017 bull run.

Tether has issued a response to a recently surfaced paper that alleges that a single whale manipulated the market to cause 2017’s bull run in Bitcoin (BTC) price.

The response

Tether, which is behind the dollar-backed stablecoin USDT, published the response on the company’s website on Nov. 7, an announcement that crypto exchange and sister company Bitfinex echoed on the same day.

In no uncertain terms, Tether denied the findings of the coming paper, even accusing the authors — John M. Griffin and Amin Shams — of unethical motivations:

“To obtain publication, Griffin and Shams have released a weakened yet equally flawed version of their prior article. The revised paper is a watered-down and embarrassing walk-back of its predecessor.”

The paper itself has yet to be published, but its key findings surfaced via Bloomberg on Nov. 4, as Cointelegraph reported at the time. It will reportedly appear in the peer-reviewed Journal of Finance.

Recap of allegations of market manipulation

According to Griffin and Shams’ findings, an unknown party using Tether’s stablecoin USDT and sister exchange Bitfinex allegedly manipulated the market into the bull run at the end of 2017 that saw Bitcoin reach all-time-high prices of over $20,000 before suffering a sudden crash that led to the onset of crypto winter.

As the Wall Street Journal reported at the time, the paper strongly implies that the single large whale in question was Bitfinex itself. “If it’s not Bitfinex,” Griffin told the journal, “it’s somebody they do business with very frequently.”

Other scandals involving Bitfinex and Tether 

At the beginning of October, a law firm in New York filed a class-action lawsuit against Tether and Bitfinex, accusing the pair of using USDT to manipulate the crypto market. 

In April, the New York Attorney General filed a suit against the two companies that alleged that Tether — which claims to back its tokens 1-to-1 with the United States dollar to acheive stability in value — had illicitly covered Bitfinex’s loss of $850 million using funds from Tether’s token-backing reserves.

Tags: BitcoinBitfinexMarketsTetherUSDT

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version