Tether, the company issued an official response to a recent study by professors John Griffin and Amin Shams, according to which, a major player in Bitfinex could drive the price of bitcoin in 2017, and the rally was the result of market manipulation.
Tether Response to a Flawed Paper by Griffin and Shamshttps://t.co/5DymkhOOHX
— Tether (@Tether_to) November 7, 2019
In Tether pointed to the «methodological shortcomings» of the study and stated that it is only a weakened version of the previous article researchers. Recall, they published almost the same report in the middle of last year. Then it was about the activity that many small players on the stock exchange after the issue USDT.
The assertion that one kit could be responsible for the rapid rally of bitcoin prices in 2017, in Tether called «absurd».
«The authors frankly admit that they do not have accurate data on crucial dates of the transactions or on the movement of capital across different exchanges», — said in a statement.
Thus, the researchers simply are not able to establish the sequence of events, which could occur alleged manipulation, said Tether.
The company is also accused Griffin and Shams in the absence of understanding of the cryptocurrency market and demand, which stimulates the purchase of tokens Tether.
«It is an insult to millions of people in our community who believe in intelligent principles, governing the Economics of digital currencies», — said in a statement.
To Tether once again emphasized that the company never used the USDT to manipulate the cryptocurrency market, and all tokens are fully guaranteed and are manufactured in accordance with market demand.
Recall, Griffin and Shams analyzed all transactions in bitcoin and stabilise USDT 1 March 2017 to 31 March 2018. They came to the conclusion that a major player in the Bitfinex bought the first cryptocurrency on the dips immediately after the additional issue, the USDT.