So, Have We Got Tethered?admin
Oleksandr Ivanov (aka cryptofan) is a crypto analyst, data scientist, and PhD candidate at University of Groningen. In his short research he applies the critical analysis of recent accusations that Tether supply has been manipulated in order to use pump-and-dump scheme on the price of Bitcoin.
Over the 2017 year the price of bitcoin skyrocketed.
So did the amount (equals to the market cap) of tethers (USDT).
Some people made a causation link between these two. Briefly speaking, here is the plot:
- Bitfinex (a cryptocurrency exchange and the owner of Tether) prints millions of tethers out of thin air.
- Uses tethers to pump the price of bitcoin with margin long trading.
- Dumps bitcoins for US dollars.