RATE Group | Tether Calls Market Manipulation Allegations ‘Reckless and False’
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Tether Calls Market Manipulation Allegations ‘Reckless and False’

28 Feb Tether Calls Market Manipulation Allegations ‘Reckless and False’

Posted at 14:27h in Cryptocurrency News by

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Once again, Tether has ridiculed and dismissed allegations that it used its USDT stablecoin for manipulating Bitcoin’s (BTC) price.

In a statement sent to Cointelegraph on Feb. 28, iFinex, the firm behind Tether, states that the claims in the market manipulation lawsuit against the firm are “reckless and false.” The statement reads:

“The allegations in the complaint are without merit or legal basis, and exhibit a fundamental lack of understanding of the market structure of cryptocurrencies. Indeed, it is reckless and false to allege that USDT tokens are issued in order to manipulate markets.”

Many of the accusations regarding Tether’s purported price manipulation are based on the academic paper “Is Bitcoin Really Un-tethered?” by John M. Griffin and Amin Shams which was first published in June 2018. The paper stated that Tether influenced Bitcoin and other cryptocurrency prices during the 2017 boom. 

Regarding the paper, Tether’s general counsel Stuart Hoegner…

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