突破性研究揭示了 Tether 在加密貨幣價格操縱中的作用

德州大學的一篇研究論文表明，與美元掛鉤的數位貨幣 Tether 可能已被用來操縱比特幣和其他加密貨幣的價格。論文的合著者分析了來自區塊鏈的數據，發現在比特幣價格下跌期間，Tether 的發行量有所增加，幾乎所有Tether 都被轉移到Bitfinex，然後轉移到其他用於購買比特幣的交易所，從而支撐了比特幣的發行量。

Unveiling Potential Cryptocurrency Market Manipulation: Research Highlights Tether's Suspect Role

揭示潛在的加密貨幣市場操縱行為：研究凸顯 Tether 的可疑作用

New York, NY - A groundbreaking research paper published by the University of Texas has raised significant concerns regarding the potential manipulation of cryptocurrency prices, particularly bitcoin (BTC), through the use of tether, a digital currency pegged to the U.S. dollar.

紐約州紐約 - 德克薩斯大學發表的一篇開創性研究論文引發了人們對使用與美元掛鉤的數位貨幣 Tether 可能操縱加密貨幣價格，特別是比特幣 (BTC) 的嚴重擔憂。

Co-authors Professor John Griffin and doctoral student Amin Shams present a compelling case:

合著者約翰·格里芬教授和博士生阿明·沙姆斯提出了一個令人信服的案例：

"Our research suggests that tether may have been employed for both stabilizing and artificially elevating bitcoin prices," they write.

他們寫道：“我們的研究表明，Tether 可能被用來穩定和人為抬高比特幣價格。”

Tether in the Spotlight

聚光燈下的繫繩

Tether Limited, the company behind tether, has faced scrutiny over the past year, with critics questioning whether it maintains a sufficient reserve of $1 for each tether issued. According to the paper, over $2.2 billion of tether was circulated between March 2017 and January 2018.

Tether 背後的公司 Tether Limited 在過去的一年面臨審查，批評者質疑該公司是否為每枚發行的 Tether 保留了 1 美元的充足準備金。據該論文稱，2017 年 3 月至 2018 年 1 月期間流通的 Tether 價值超過 22 億美元。

Regulatory Oversight Intensifies

加強監管

Amidst growing concerns, regulators worldwide have been ramping up their examination of cryptocurrency markets. The Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice are reportedly investigating potential manipulation of bitcoin and other cryptocurrency prices, as reported by Bloomberg last month.

在日益增長的擔憂中，世界各地的監管機構一直在加強對加密貨幣市場的審查。根據彭博社上個月報道，商品期貨交易委員會（CFTC）和美國司法部正在調查比特幣和其他加密貨幣價格的潛在操縱行為。

Subpoenas Issued

發出傳票

In December, the CFTC issued subpoenas to both Tether and Bitfinex, a prominent cryptocurrency exchange affiliated with Tether and sharing executives. The specific reasons for the subpoenas remain undisclosed.

去年 12 月，CFTC 向 Tether 和 Bitfinex 發出傳票，Bitfinex 是一家隸屬於 Tether 的著名加密貨幣交易所，並共享高階主管。傳票的具體原因尚未披露。

Bitfinex Denies Manipulation Allegations

Bitfinex 否認操縱指控

Bitfinex has vehemently denied any involvement in market or price manipulation, with Chief Executive Officer JL van der Velde stating in a statement:

Bitfinex 強烈否認參與任何市場或價格操縱，執行長 JL van der Velde 在聲明中表示：

"Neither Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation."

“Bitfinex 和 Tether 都沒有、也曾經參與過任何形式的市場或價格操縱。”

Research Findings

研究成果

The researchers conducted an in-depth analysis of data collected from blockchains, the decentralized ledgers that underpin bitcoin and other virtual currencies, from March 2017 to March 2018. Their findings reveal a concerning pattern:

研究人員對 2017 年 3 月至 2018 年 3 月從區塊鏈（支撐比特幣和其他虛擬貨幣的去中心化帳本）收集的數據進行了深入分析。

Tether Issuance and Bitcoin Price Correlation

Tether 發行與比特幣價格相關性

They observed a significant correlation between tether issuances and fluctuations in bitcoin prices. During periods of bitcoin price decline, tether issuances soared. However, no such correlation was evident during bitcoin price increases.

他們觀察到 Tether 發行量與比特幣價格波動之間有顯著相關性。在比特幣價格下跌期間，Tether 發行量激增。然而，在比特幣價格上漲期間，這種相關性並不明顯。

Tether's Role in Propping Up Prices

Tether 在支撐價格方面的作用

Once issued, the vast majority of tether was transferred to Bitfinex and subsequently dispersed across other exchanges. This tether was then used to purchase bitcoin, effectively propping up its price.

一旦發行，絕大多數 Tether 就轉移到 Bitfinex，隨後分散到其他交易所。然後，該繫繩被用來購買比特幣，有效地支撐了其價格。

Statistical Analysis

統計分析

Utilizing advanced algorithms, the researchers isolated the 87 hours with the highest flow of tether. While representing less than 1% of the data, these intervals accounted for 50% of bitcoin's compounded return and 64% of returns across six other major cryptocurrencies.

利用先進的演算法，研究人員隔離了 Tether 流量最高的 87 小時。雖然這些區間只佔數據的不到 1%，但它們佔比特幣複合回報的 50%，佔其他六種主要加密貨幣回報的 64%。

10,000 Simulations

10,000 次模擬

Subsequently, the researchers conducted 10,000 simulations, each selecting 87 random hours from the data. None of these simulations yielded results comparable to those observed with the actual tether data.

隨後，研究人員進行了 10,000 次模擬，每次模擬從數據中隨機選擇 87 小時。這些模擬都沒有產生與實際繫繩資料觀察到的結果可比較的結果。

Manipulation Concerns

操縱問題

"Our findings provide substantial evidence to support the hypothesis that price manipulation may be driving significant distortions in cryptocurrency markets," the researchers conclude.

研究人員總結道：“我們的研究結果提供了大量證據來支持價格操縱可能導致加密貨幣市場嚴重扭曲的假設。”

Conclusion

結論

The University of Texas research paper has ignited a debate within the cryptocurrency community, raising serious questions about the integrity of the market. The potential manipulation of prices undermines trust and threatens the future of cryptocurrencies as a legitimate investment. Regulators must remain vigilant and take swift action to ensure fairness and transparency in these markets.

德州大學的研究論文引發了加密貨幣社群內的爭論，引發了對市場完整性的嚴重質疑。潛在的價格操縱會破壞信任，並威脅加密貨幣作為合法投資的未來。監管機構必須保持警惕並迅速採取行動，以確保這些市場的公平和透明度。