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Tether News

Tether Responds To The Paper Linked To The 2017 Bull Run

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The issuer of the popular stablecoin USDT has recently published a response to the recently surfaced paper which alleges that a single whale manipulated the market in order to cause a 2017 bull run in the Bitcoin (BTC) price. Tether responds to the paper and refutes the claims that the 2017 bull run was caused by a single whale.

The company which is known to stand behind the dollar-backed stablecoin came out with an official response published on its website on November 7. The announcement was also echoed by the cryptocurrency exchange and sister company Bitfinex.

In the Tether news, we can see how Tether responds to the paper – and how it also denies the findings of the coming paper. The company even accused the authors including John M. Griffin and Amin Sharms of unethical motivations. It said:

“To obtain publication, Griffin and Shams have released a weakened yet equally flawed version of their prior article. The revised paper is a watered-down and embarrassing walk-back of its predecessor.”

Even though the paper about the 2017 bull run and how it was caused by a single whale has yet to be published, the key findings surfaced via Bloomberg on November 4 and showed that it will appear in the peer-reviewed Journal of Finance.

According to the findings by Griffin and Shams, an unknown party was using Tether’s stablecoin USDT and the sister exchange Bitfinex allegedly manipulated the market into the bull run at the end of 2017 – seeing Bitcoin reach an all-time high of over $20,000 before suffering a crash which led to the onset of the crypto winter.

At the time, reports from Wall Street Journal suggested that the paper strongly implies that the single large whale in question was Bitfinex itself. “If it’s not Bitfinex,” Griffin told the journal, “it’s somebody they do business with very frequently.”

Now that Tether responds to the paper too, it is more than clear that big players don’t want false accusations about any previous bull runs. However, Tether and Bitfinex are not that good in the eyes of the law too – there was a class-action lawsuit against them filed by a New York law firm and accusing the companies of using USDT to manipulate the markets.

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Tether News

Tether Will Support Peter McCormack In A Craig Wright Lawsuit

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Tether will support the latest lawsuit by crypto podcaster Peter McCormack against the self-proclaimed Bitcoin creator Craig Wright as we are reading further in the Tether cryptocurrency news.The general counsel for Tether and crypto exchange Bitfinex, Stuart Hoegner revealed back on November 8 that Tether will also reject the claims made by Wright of being Satoshi Nakamoto and he explained:
 “Wright has had myriad opportunities to prove that he is Satoshi and has not definitively done so.”
As previously explained in April, Bitcoin SV proponent and creator Craig Wright filed a libel claim against Peter McCormack over him accusing Wright of fraud and claimed falsely to be Satoshi Nakamoto the self-proclaimed creator of Bitcoin. The move by the legal team of Craig Wright also resulted in Binance delisting in Bitcoin Satoshi Vision in April alongside the other exchanges including Kraken and Shapeshift.Hoegner said that Tether stands behind McCormack in his lawsuit against Wright and he suggests that the support provided goes further beyond just words though the lawyer did not clarify what kind exactly of support will the podcaster receive:
 “Litigation can be drawn-out and expensive, but we are committed to the long game. We admire Peter’s conviction and are humbled to support his defense against what we see as frivolous and vexatious litigation.”
Wright is also involved in many other legal disputes and in some as a defendant in another legal case filed by the ex-business partner David Kleinman. As we reported earlier, the court documents filed on November 1, reveal that Wright could not finance a 500,000 BTC settlement in the case.Tether will support McCormack in his legal proceedings despite the inability of Wright to pay the previous settlement cases. Since the settlement has now been broken, the case will be taken back to court. At the end of August this year, Wright was held in contempt of court because he didn’t disclose the complete list of bitcoin addresses. He has holdings that amount to more than 1.1 million bitcoins. Back then, he claimed that the funds were inaccessible because they were heavily encrypted as well as because of the death of his former business partner, David Kleiman.
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Tether News

Stablecoin Tether (USDT) Gains Popularity As Payments Method

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Stablecoin Tether (USDT) gained a lot of popularity as a payment method in recent times and some analysts see it catching up with Ether and Bitcoin. Let’s check the Tether cryptocurrency news today and find out more.As the reports say, the crypto payments processor CoinPayment registered the rapid increase of popularity the stablecoin Tether (USDT) which is pegged 1:1 to a United States dollar as a means of payment. The stablecoin has a 2.4 million user base, Tether currently accounts for more than 30 percent of volume which is 30 times more than a year ago.Bitcoin as a means of payment has seen a nearly more than 60 percent drop in volume from 80 percent last year according to CoinPayments while Tether pushed Ether out of second place and the users decided to go with Tether due to the stablecoin’s capability to avoid further price fluctuations. The operations lead at CoinPayments.net Sean Mackay said:
 “Merchants used to accept Bitcoin, Ethereum, Ripple and convert it into Tether in order to hedge against the volatility. Now we are seeing the payments just being done directly in Tether.”
Also, Tether received some wide adoption among the different types of merchants who have difficulty getting credit-card processing services or who are mainly forced to pay high credit card processing fees. In late September, Tether minted about 300 million USDT as a part of the swap from the Omni protocol to the more popular Ethereum blockchain. However, no token burn on the Omni blockchain took place at that time.Back in July, Tether accidentally minted and later burned 5 billion USDT tokens. Last month, on the other hand, Tether announced the launch of a new stablecoin tied to the offshore Chinese yuan dubbed CNHT. The latest currency that joined Tether’s other stablecoins that backed by the US dollar and the euro (EUR).As a part of the further expansion of the stablecoin, Tether plans to release another version of the stablecoin backed by a basket of commodities such as crude oil, rubber, and gold. Tether’s price is also expected to increase in the upcoming period and we are going to keep tracking the stablecoin in our news.
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Altcoin News

Flows Of Stablecoins Dramatically Slow Down On All Exchanges

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The flows of stablecoins between major exchanges slowed down dramatically over the past few days which shows that there are no sums prepared to boost the price action. Let’s find out more in the coming altcoin news below.Stablecoins are moving between exchanges and this has been seen as an indicator of potential trading activity. Over the past few days, there was a surge of coin movements which was followed by diminishing levels of inflows and outflows. After these events, Bitcoin was ready for the relief rally late on Sunday. Stablecoins still offer major support to BTC with several assets taking the lead beyond Tether and currently more than 70 percent of BTC trading happens in the BTC/USDT pair aided by other coins like USDC, PAX, TUSD. Token Analyst observed stablecoins’ weekly activity as sending funds to exchanges if often a proxy for upcoming rallies.The flows of stablecoins decreased and some of them started to look more appealing than others. The market share of USDT was displaced and it shrunk down to 95 percent of the entire stablecoin market. USDC doubled its supply over the past day and TUSD and PAX are close behind. PAX and TUSD are two of the coins where the supply is turned more than once each day. PAX sees a turnover of 139% while TUSD moves each coin 1.12 times per day. The turnover for USDT is 474 percent which is a drop below the peak of over 1,000%. The heightened stablecoin activity can often show wrong signs of a short-term price movement for BTC but it can also act as a precursor to an altcoin relief rally. USDT is now supporting a highly active ethereum trade and it is boosting Litecoin, XRP and EOS Volume.The movements of the stablecoins are unpredictable and the pace might increase again especially after the minting on Monday of 10 million USDT. Later, the transactions of millions of USDT were also seen moving onto some of the leading exchanges. Crypto assets are at a decisive moment right now since BTC is seeking reassurance that the recent bottom was the last one. The trading volumes of the crypto market have remained without any notable changes in the past three months with only slight spikes inactivity.
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Tether News

Tether Moved All USTD Activity To The Ethereum Network

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Tether moved all of the USDT activity on to the Ethereum network and the analysis shows that most of the coins are now active on ethereum with residual activity on the Bitcoin Omni layers as we are about to read further in the Tether coin news below.While Tether completed the switch, there was no minting of new coins that could significantly influence the network. Most of the newly minted assets were only a technicality to move the new coins to the Ethereum network. Right now, the network has about 2.023 billion coins with some smaller issuances on the EOS, TRON and Algorand networks. The data is the same as the earlier one from the recent discovery that the action of ERC-20 USDT had a greater effect on the BTC prices in comparison to the Omni-based USDT. This is not strange since the biggest carriers of the ERC-20 USDT are exchanges such as OKEx that have a high concentration of BTC activity.Currently, the usage of ERC-20 USDT starts to reveal a pattern of retail usage but in the summer months, the large-scale wallets belong to exchanges handled the tokens. The Tether USD smart contracts remain the second most active on the Ethereum blockchain and it burns gas for more than $450,000 per month. The Tether smart contract is leading again and with the Fair, Win FOMO stopped, the burns increased by 13 percent of all gas based on the Ethereum network. The levels are still fine since most of the coins are mostly moved between exchanges. USDT will become dependent on a network that will have to switch its block production to proof-of-stake and ironically, the crypto market will rely on the stability and activity of the Ethereum network.Tether moved all of the USDT to the ethereum blockchain and the usage of the tokens remained high but the leading coins are losing some of their market shares. USDT now takes up about 95 percent of the market for stablecoins down from the previous 99 percent a few months ago. The competitors like Paxos Standard take up to 2 percent of the market while USDC also grows its supply dramatically.
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