<span style="font-weight: 400">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.</span>

<span style="font-weight: 400">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. </span>
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<h2>Unethical Motivations</h2>
<span style="font-weight: 400">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</span><a href="https://www.bloomberg.com/news/articles/2019-11-04/lone-bitcoin-whale-likely-fueled-2017-price-surge-study-says"><span style="font-weight: 400"> Bloomberg.</span></a><span style="font-weight: 400"> Meanwhile, the paper is set to appear in the Journal of Finance, a peer-reviewed journal. </span>

<span style="font-weight: 400">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. </span>

<span style="font-weight: 400">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” </span>
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<h2>Bitfinex Tether Law Suits</h2>
<span style="font-weight: 400">Recently, in October, a New York Law firm filed a class action <a href="https://www.cryptoknowmics.com/crypto/coinbase-faces-lawsuit-over-negligence-in-bitcoin-cash-launch/">lawsuit</a> 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.</span>

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Tether Refutes USDT Whale Manipulation Ushered  2017 BTC Bull Run

Tether Refutes USDT Whale Manipulation Ushered 2017 BTC Bull Run that resulted to bitcoin's all time high of $20,000. The paper by Texas academics...

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Tether Refutes USDT Whale Manipulation Ushered 2017 BTC Bull Run

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