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.
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…
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Author: Kollen Post