Ethereum co-founder Joseph Lubin declared during the last round of Yahoo Finance on August 28, which doubts the manipulation allegations against the Tether stablecoin (USDT).
Founded in 2014, Tether was "the first" blockchain platform that allows for the tokenisation of cryptocurrencies supported by fiat
In June, after the publication of a study conducted by analysts from the University of Texas, # 39; USDT fell under the suspicion of manipulating Bitcoin (BTC) prices in 2017, when the price of BTC rose to a maximum time of $ 20,000. The document states that "purchases with Tether are timed following a downturn in the market and entail substantial increases in Bitcoin's prices."
While many enthusiasts of cryptocurrency are convinced that Tether is lying about his assets, Lubin is not convinced of the manipulation charges against the token and the company behind it. He said that "based on our analysis, which deals only with talking to a group of people in space, we believe that [USDT] are supported 1: 1 by US dollars in bank accounts" even though "is not yet 100% solid in terms of a story, from my point of view. "He added:
" … as far as market manipulations are concerned, I am not sure that market manipulations are directly linked to the Tether, if they exist. regulators that allow great actors to do what they want […] Ideally we will get a slightly better regulation than centralized ones at least. "
In June, the Freeh Sporkin & Sullivan LLP law firm conducted an unofficial audit of the Tether accounts , where it was discovered that the USDT actually had sufficient funds to support every 1: 1 token with US dollars, however, the company noted that "it is not an accounting firm and not has performed the above review and confirm using the generally accepted accounting Inciples. "