Tether has once again become the source of criticism after a new study blamed it for Bitcoin price manipulation in 2017, The New York Times reports Wednesday, June 13
Tether (USDT) has once again become the source of criticism after a new study blamed it for Bitcoin price manipulation in 2017, The New York Times reports Wednesday, June 13.
A paper released June 13 by John M. Griffin and Amin Shams of the University of Texas suggests that transaction patterns show Tether was “used to provide price support and manipulate cryptocurrency prices.” Half of the Bitcoin price rise in December 2017, when the cryptocurrency reached all-time highs around $20,000, was explicitly due to Tether and issuer Bitfinex, the researchers claim.
“Using algorithms to analyze the blockchain data, we find that purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices,” the paper’s abstract summarizes.
“Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies.” Tether has routinely fallen under suspicion since late last year after repeat releases of coins onto the market had an immediate knock-on effect on Bitcoin prices.
Griffin and Shams’ hypothesis has this time also become fodder for mainstream media, publications seizing on the information to demonstrate the allegedly opaque nature of Bitcoin markets.
Users can mint new tokens using the company's new Alloy platform, which will be part of Tether's upcoming tokenization venture, CEO Paolo Ardoino said.
The case between Tether along with its affiliated companies and the New York Attorney General's (NYAG) office saw a new turn recently when it was revealed that Tether and Bitfinex were actually conducting business in New York, contrary to the claim of the attorneys representing the defendants.
The Bitfinex-Tether fiasco took a new turn after Bitfinex and Tether released an official response to the allegations made against it by the New York Attorney General’s office. Bitfinex’s and Tether’s parent company, iFinex, moved to vacate the court order, claiming that the order was based on ‘inaccurate or incorrect facts and wrong legal standard’.
To do that, the person or people used a secondary virtual currency, known as Tether, which was created and sold by the owners of Bitfinex, to buy up those other cryptocurrencies. Bitfinex executives have denied in the past that the exchange was involved in any manipulation. The authors of the new 66-page paper do not
Days after Tether (USDT) gained a higher market cap than Monero and Dash, new research has reignited suspicions that the altcoin “manipulated” Bitcoin prices. Cryptocurrency Highs Fuelled By Tether The product of two researchers at the University of Texas, the paper — titled Is Bitcoin Really Un-Tethered? — claims to have identified potential evidence of direct price manipulation since November 2017.
The U.S. dollar-pegged tether has been used to support bitcoin’s price during market downturns, a new study published by University of Texas at Austin professors. The published study states that the researchers used “algorithms to analyze the blockchain data, we find that purchases with tether are timed following market downturns and result in sizable increases in bitcoin prices.
A new study claims that bitcoin’s price was manipulated through tether printing after finding that “less than 1% of hours with heavy Tether transactions are associated with 50% of the.
The City of Austin and a variety of other entities have partnered to work on a blockchain-based identification system. The project hopes to help the homeless keep track of important documents like identification.
On August 1, researchers from the University of Texas Medical Branch released a new paper in the Science Translational Medicine journal, detailing their successful attempt at transplanting lab-grown artificial lungs into living pigs.
