Tether Refutes USDT Whale Manipulation Ushered 2017 BTC Bull Run

Richard M Adrian by Richard M Adrian - 07:56 AM Nov 08, 2019
tether-refutes-usdt-whale-manipulation-ushered-2017-btc-bull-run

Tether issued a response to a controversial paper that allegedly positions USDT at the centre of 2017 Bitcoin bull run. The paper claims that Tether Refutes USDT Whale Manipulation Ushered 2017 BTC Bull Run.

USDT is a stablecoin with the  digital equivalent of traditional fiat like the US dollar and Japanese Yen held in a designated bank account.  Always the value of USDT always remains approximately equivalent to the value of the dollar. Tether, which is the firm behind USDT, published its response on its website ; following an announcement echoed by Bitfinex. 


Unethical Motivations


Tether Refutes USDT Whale Manipulation Ushered 2017 BTC Bull Run the analyst’s findings . Moreover, they even accused the authors for chunning a paper from unethical motivations. The paper authored by Griffin and Shams has not yet been released to the public, however its findings surfaced through Bloomberg. Meanwhile, the paper is set to appear in the Journal of Finance, a peer-reviewed journal. 

According to Griffin and Shams, an anonymous cartel of whales using Tether’s stablecoin and exchange Bitfinex; allegedly manipulated the market into a bull run at the end of 2017. As a result, Bitcoin surged to an all time high price of $20,000 before meeting its sudden crash. The crash would then usher in the onset of crypto-winter. 

According to Wall Street, the paper strongly accuses Bitfinex as the whale itself and goes on to imply that “If its not Bitfinex, its somebody they do business with frequently” 


Bitfinex Tether Law Suits


Recently, in October, a New York Law firm filed a class action lawsuit against Bitfinex and Tether. The firm accused both of using USDT to manipulate crypto market prices. Additionally, the New York Attorney General filed a suit against the pair alleging , Tether had illegally covered Bitfinex loss of $850 million. The funds were from Tether’s token -backing reserves.

 

About The Author
Richard M Adrian

Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.

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