íŕçâŕíčĺ

Is BTC Being Manipulated? Tether Accused of Minting Millions of Dollars in Unbacked USDT to Artificially Pump BTC

Is BTC Being Manipulated? Tether Accused of Minting Millions of Dollars in Unbacked USDT to Artificially Pump BTC

Tether is in the spotlight of the community, after being accused – once again – of using its influence to manipulate BTC prices through the fraudulent issuance of millions of dollars in USDT last week.

A recent set of tweets by the popular CT account Bitfinex’ed accuse Tether of issuing millions of USDT without any collateral, with the intention to support “fictitious” purchases of the token to drive up its prices.

According to the account dedicated to monitoring the financial movements of Bitfinex, and especially Tether, the company began an uncontrolled printing scheme of new tokens on April 8, 2019. On this day, the total supply of USDT increased by 417 Million.

Bitfinex’ed has been highly critical of the use of USDT as a tool to manipulate markets. This opinion is not isolated, and previous accusations have already been made, all of which have been categorically denied by the Tether team.

In an interview with Bloomberg professor John Griffin explained that the relationship between the price of the BTC and the issuance of USDT led to the conclusion that there was an intention to manipulate the markets.

Tether seems to be used both to stabilize and manipulate Bitcoin prices …

I’ve looked at a lot of markets. If there’s fraud or manipulation in a market it can leave tracks in the data. The tracks in the data here are very consistent with a manipulation hypothesis.

Even though the cryptocurrency market is considered by many to be a grey area from a legal point of view, the manipulation of this type of market is deemed to be illegal.

BTC Manipulation? Not the First Time

Tether has been previously subpoenaed before the CFTC precisely for this reason. Both Tether and Bitfinex argue that it is all a series of unfounded allegations. In an email, Bitfinex Chief Executive Officer JL van der Velde said that the accusations are false (and until now no one has been able to prove Tether’s misconduct).

“Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex.”

Recently, Tether generated controversy in the community by removing from its documentation the assertion that each token was 1:1 backed by physical dollars.

Tether has not given any statements regarding the recent accusations posted by Bitfinex’ed .

The post Is BTC Being Manipulated? Tether Accused of Minting Millions of Dollars in Unbacked USDT to Artificially Pump BTC appeared first on Ethereum World News.

15.04.2019 / 11:10 23
Bitfinex Launches Margin Trading for Tether (USDT) Paired With the USD Bitfinex Launches Margin Trading for
From the 21st of December 2018, users of Bitfinex can now access margin trading for the USDT/USD pair. The exchange made the announcement yesterday
Bitfinex Opens Trading of USD-Pegged Tether Against USD Bitfinex Opens Trading of USD-Pegged
Cryptocurrency exchange Bitfinex has announced it will support trading of USD denominated stablecoin Tether (USDT) against fiat USD from Friday.
Bitcoin Manipulation: U.S. DOJ Probes Tether and Bitfinex Amidst Price Crash Bitcoin Manipulation: U.S. DOJ Probes
The U.S Department of Justice (DOJ) has set its sights on Bitfinex and Tether Ltd in its probe into last years bitcoin price surge. The DOJ is
Tether Intentionally Obliterates 500 Million USDT Tether Intentionally Obliterates 500
Yesterday Tether quietly took 500 million USDT out of circulation, then promptly destroyed them. Tether Supply Shrinks By $500 USDT Yesterday the
Bitfinex Strikes Back at ‘FUD’ over Phantom Tether Trading Volume Reports Bitfinex Strikes Back at ‘FUD’ over
Cryptocurrency exchange Bitfinex is striking back at reports that it is publishing fake tether (USDT) trading volume, calling those allegations the
‘Bitcoin’s (BTC) Price Was Pushed Up Using Tether (USDT) Manipulation’, say Researchers ‘Bitcoin’s (BTC) Price Was Pushed Up
In a newly available research paper by faculty at University of Texas (Austin), the question as to whether Tether (USDT) has influenced the price of
Comments (0)
Add a comment
Comment on