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Half-a-Billion Tether Tokens Infused In August, Yet No Signs of Crypto Market Pump
Half-a-Billion Tether Tokens Infused In August, Yet No Signs of Crypto Market Pump
With over a $500 million influx of Tether’s USDT tokens in the crypto market this month, Tether grabs a spot in the top ten cryptocurrencies with a circulating market cap of $2.7 billion.
August has remained a critical month so far, with cryptocurrency market valuations dropping by 20-25% since the beginning of the month. Additionally, the cryptocurrency market attained its 2018-low as the overall market cap plummeted below $200 billion for the first time this year.
However, the controversial cryptocurrency Tether (USDT), known for its role in Bitcoin
price manipulation in the past, is once again in the news. Data from
shows that in August alone, over 500 million USDT tokens have been created, with all of them being sent to the Bitfinex exchange.
As each USDT token is pegged to the U.S. Dollar in a 1:1 ratio, nearly half-a-billion USD has supposedly entered the crypto market. Despite Tether’s alleged involvement in crypto market manipulation earlier, this time the stablecoin seems to have failed in turning over the bearish market sentiment.
However, Tether has climbed the ranks, now sitting among the top ten cryptocurrencies by market cap. The official
shows that $2.8 billion USDT tokens have been issued to date.
The Tether issue first came into the limelight when the U.S. Commodities Futures Trading Commission
cryptocurrency exchange for its alleged involvement with Tether to manipulate Bitcoin prices. Further, Tether’s split with auditing firm Friedman LLP in January caused further scrutiny in this matter.
The issue escalated further this year in June when researchers, from the University of Texas, presented a
claiming direct price manipulation since November of last year. The cryptocurrency startup was alleged to pump the Bitcoin price by issuing USDT tokens which were actually not backed with physical USD.
Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of bitcoin or any other coin/token on Bitfinex.
To come clean over all the charges, Tether asked Freeh, Sporkin & Sullivan LLP (FSS) to perform an
into the company’s bank accounts. It also asked FSS to randomly inspect Tether’s USD reserves, as well as the circulating USDT tokens. After proper auditing in this manner, as well as the circulating USDT tokens. After proper auditing in this manner Bitcoin Usdt Poloniex
FSS is confident that Tether’s unencumbered assets exceed the balance of fully-backed USD Tethers in circulation as of June 1st, 2018.
In addition to its involvement in Bitcoin price manipulation, Tether is also implicated in an effort to shift prices of other smaller altcoins, according to crypto research firm Chainalysis. A research report from Chainalysis claimed that during last year’s crypto bull run, Tether was linked 85% of the time to Bitcoin, Ethereum, and Litecoin.
However, with the crypto market downfall earlier this year, Tether was found to be associated more with EOS and NEO tokens, between January and June. The report stated:
While on-chain transaction activity was in decline for the major cryptocurrencies, traders were still seeing opportunities for profit with some of the newer, lower-volume cryptocurrencies.
Tether is a popular stablecoin used by several other crypto trading platforms like Huobi,
What are your thoughts on Tether’s alleged involvement with crypto market manipulation? Tell us what you think in the comments below.
Images Courtesy of Ilkley Gazette, Bitcoinist archives.
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