- Tether strikes first in response to an “unpublished report” claiming market manipulation using USDT
- Tether’s Continuous Progress Amid The Creation Of Other Altcoins
Tether, the crypto company that is closely affiliated to Bitfinex exchange released a statement recently as a response to the unpublished research report that claims that USDT is to be held responsible for manipulating the cryptocurrency market. Bitfinex exchange is also being investigated by NYAG.
Amidst the report, a large proportion of those on crypto-Twitter said that Tether was to be held responsible for the 2017 bull run claiming that they manipulated the market price. But the problem is that there has not been any solid evidence to back this claim and all accusations have not been proved to be correct.
Tether Denies Allegations
In a recent blog post released by Tether, the company acknowledged the existence of the unpublished paper that is claiming that Tether was responsible for manipulating the cryptocurrency market. However, Tether denied the accusations stating that they are “flawed”, “incomplete” and “baseless”.
Tether further stated that the whole situation was a plot by mercenary lawyers who are attempting to make some money for themselves using the baseless paper report to solicit a lawsuit. All they want is to stuff their suitcases with dollars and nothing more. Furthermore, before the lawsuit was filed, Tether released a response, it stated:
“These flawed accusations are all in a bid to hinder the growth and success of the digital token community in the world, of which Tether is a major player. It is a direct attack on all the effort and determination of Tether’s stakeholders and also thousands of our colleagues all over the world”
Tether’s Continuous Progress Amid The Creation Of Other Altcoins
Tether which is also known as USDT is currently the largest stablecoin in the entire cryptocurrency market with a market capitalization of $4.1 billion. As at now, no other stablecoin can be compared to it when it comes to market cap or trading volume. Currently, USDT’s trading volume is far above that of Bitcoin placing Tether in a league of its own. Since it’s release, USDT has been enjoying a high level of success and other stablecoins are playing catch-up.
Tether (USDT) Price Today – USDT / USD
To close its blog post, Tether stated:
“Tether and her associates have never attempted to use Tether tokens to manipulate or dictate the cryptocurrency market or token pricing. All of our tokens are backed by reserves and are released based on market demand and not as a means of controlling the prices of crypto assets. It is an insult to even suggest that Tether is involved in such activities. Tether is known for its efficiency and wide-scale applicability within the cryptocurrency market.”