Prof Griffin and Prof Shams's hypothesis that Bitcoin was manipulated is based partly on the theory that new Tethers are created without the dollars to back them and then used to buy Bitcoin, leading to rising prices. The authors examined Tether and Bitcoin transactions from March 1, 2017 to March 31, 2018, concluding that Bitcoin purchases on Bitfinex increased whenever Bitcoin's value fell by certain increments.
"This is a transparent attempt to use the semblance of academia for a mercenary money grab," he said."Updates or not, the paper lacks academic rigor." Both Bitfinex and Tether received subpoenas in 2017 from the US Commodity Futures Trading Commission, Bloomberg reported at the time. The Justice Department has since opened a criminal investigation into whether Tether was being used to manipulate Bitcoin. Neither the CFTC nor federal USprosecutors have accused Bitfinex or Tether of any wrongdoing.
Source: News Formal (newsformal.com)
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