RATE Group | Ethereum Cofounder Joseph Lubin Doubts Tether Bitcoin Price Manipulation
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Ethereum Cofounder Joseph Lubin Doubts Tether Bitcoin Price Manipulation

30 Aug Ethereum Cofounder Joseph Lubin Doubts Tether Bitcoin Price Manipulation

Posted at 02:04h in Bitcoin News by

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Ethereum cofounder Joseph Lubin said on Yahoo Finance’s Final Round August 28, that he doubts manipulation accusations against stablecoin Tether (USDT).

Founded in 2014, Tether was “the first” blockchain-powered platform that allows for the tokenization of fiat-backed cryptocurrencies.

In June, after the publication of a study conducted by analysts from the University of Texas, USDT fell under suspicion of Bitcoin (BTC) price manipulation in 2017, when the BTC price surged to an all-time high of $20,000. The paper claims that “purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices.”

While many cryptocurrency enthusiasts are convinced Tether is lying about its backing assets, Lubin is unconvinced of manipulation accusations against the token and the company behind it. He said that “based on our analysis, which involves just talking to a bunch of people in the space, we do believe that [USDT] are backed 1:1 by U.S….

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