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Academics Claim Tether Used to Pump the Price of Bitcoin on the Bitfinex Exchange

“Several attempted audits of the Tether company have failed in the past year and Tether has never proven its reserves” writes Cali Haan for The Tether company and the Bitfinex exchange share the same CEO, Jan Ludovicus van der Velde.The flow clusters below round prices, induces asymmetric autocorrelations in Bitcoin, and suggests incomplete Tether backing before month-ends.A finance professor at the University of Texas experienced in fraud detection has alleged that a focussed campaign to inflate the price of Bitcoin and other cryptocurrencies occurred on the Bitfinex exchange last year, the New York Times reports.

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