Much of bitcoin's 2017 boom was market manipulation, research says

CNBC | 6/14/2018 | Kate Rooney
cobra662 (Posted by) Level 3
Click For Photo: https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/12/14/104899288-GettyImages-882963066.1910x1000.jpg

Both Bitfinex and Tether, the company that issues the virtual currency, have been a cause of concern for some in the industry.

"The lack of transparency surrounding Tether raises red flags for me," said Dan Ciotoli, software engineer and blockchain analyst at Bespoke Investment Group. "It's probable that Tether issuance made significant contributions to artificially high bitcoin prices seen last year."

Others - Concern - Tether - US - Dollars

Others have voiced concern that Tether doesn't actually hold enough U.S. dollars to back all of its digital coins in circulation.

In December, the Commodity Futures Trading Commission sent a subpoena to Bitfinex and Tether. In 2016, the CFTC fined Bitfinex $75,000 for failing to register with the agency and offering "illegal" cryptocurrency transactions. A few months later, hackers stole 119,756 bitcoins from the Caribbean-based exchange.

Bitfinex - Cryptocurrency - Platforms - World - Trading

Bitfinex is one of the largest cryptocurrency platforms in the world by trading volume, and while it is registered in the Caribbean and owned by a British Virgin...
(Excerpt) Read more at: CNBC
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!