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Tether Refutes Paper Naming USDT Manipulation as Reason behind 2017 BTC Bull Run



Tether has issued a response to a lately surfaced paper that alleges {that a} single whale manipulated the market to trigger 2017’s bull run in Bitcoin (BTC) value.

The response

Tether, which is behind the dollar-backed stablecoin USDT, printed the response on the corporate’s web site on Nov. 7, an announcement that crypto alternate and sister firm Bitfinex echoed on the identical day.

In no unsure phrases, Tether denied the findings of the approaching paper, even accusing the authors — John M. Griffin and Amin Shams — of unethical motivations:

“To acquire publication, Griffin and Shams have launched a weakened but equally flawed model of their prior article. The revised paper is a watered-down and embarrassing walk-back of its predecessor.”

The paper itself has but to be printed, however its key findings surfaced by way of Bloomberg on Nov. 4, as Cointelegraph reported on the time. It’ll reportedly seem within the peer-reviewed Journal of Finance.

Recap of allegations of market manipulation

Based on Griffin and Shams’ findings, an unknown social gathering utilizing Tether’s stablecoin USDT and sister alternate Bitfinex allegedly manipulated the market into the bull run on the finish of 2017 that noticed Bitcoin attain all-time-high costs of over $20,000 earlier than struggling a sudden crash that led to the onset of crypto winter.

Because the Wall Road Journal reported on the time, the paper strongly implies that the only giant whale in query was Bitfinex itself. “If it’s not Bitfinex,” Griffin instructed the journal, “it’s any person they do enterprise with very regularly.”

Different scandals involving Bitfinex and Tether 

At first of October, a legislation agency in New York filed a class-action lawsuit in opposition to Tether and Bitfinex, accusing the pair of utilizing USDT to govern the crypto market. 

In April, the New York Legal professional Basic filed a suit in opposition to the 2 corporations that alleged that Tether — which claims to again its tokens 1-to-1 with the US greenback to acheive stability in worth — had illicitly lined Bitfinex’s lack of $850 million utilizing funds from Tether’s token-backing reserves.





Source cointelegraph.com

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin8,777.3 0.33 % 0.19 % 5.62 %
Ethereum187.86 0.30 % 1.21 % 0.69 %
XRP0.2731 0.02 % 0.57 % 8.86 %
Bitcoin Cash285.18 0.25 % 1.02 % 2.42 %
Tether0.9994 0.07 % 0.01 % 0.00 %
Litecoin60.98 0.20 % 0.47 % 3.23 %
EOS3.450 0.20 % 0.64 % 4.38 %
Binance Coin20.60 0.21 % 1.14 % 4.80 %
Bitcoin SV128.23 0.50 % 3.15 % 7.04 %
Stellar0.07635 0.03 % 0.35 % 7.27 %

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