突破性研究揭示了 Tether 在加密货币价格操纵中的作用

德克萨斯大学的一篇研究论文表明，与美元挂钩的数字货币 Tether 可能已被用来操纵比特币和其他加密货币的价格。该论文的合著者分析了来自区块链的数据，发现在比特币价格下跌期间，Tether 的发行量有所增加，并且几乎所有 Tether 都被转移到 Bitfinex，然后转移到其他用于购买比特币的交易所，从而支撑了比特币的发行量。价格。

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

揭示潜在的加密货币市场操纵行为：研究凸显 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.

纽约州纽约 - 德克萨斯大学发表的一篇开创性研究论文引发了人们对通过使用与美元挂钩的数字货币 Tether 可能操纵加密货币价格，特别是比特币 (BTC) 的严重担忧。

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

合著者约翰·格里芬教授和博士生阿明·沙姆斯提出了一个令人信服的案例：

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

他们写道：“我们的研究表明，Tether 可能被用来稳定和人为抬高比特币价格。”

Tether in the Spotlight

聚光灯下的系绳

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 背后的公司 Tether Limited 在过去的一年里面临着审查，批评者质疑该公司是否为每枚发行的 Tether 保留了 1 美元的充足准备金。据该论文称，2017 年 3 月至 2018 年 1 月期间流通的 Tether 价值超过 22 亿美元。

Regulatory Oversight Intensifies

加强监管

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.

在日益增长的担忧中，世界各地的监管机构一直在加大对加密货币市场的审查力度。据彭博社上个月报道，商品期货交易委员会（CFTC）和美国司法部正在调查比特币和其他加密货币价格的潜在操纵行为。

Subpoenas Issued

发出传票

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 发出传票，Bitfinex 是一家隶属于 Tether 的著名加密货币交易所，并共享高管。传票的具体原因尚未披露。

Bitfinex Denies Manipulation Allegations

Bitfinex 否认操纵指控

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

Bitfinex 强烈否认参与任何市场或价格操纵，首席执行官 JL van der Velde 在一份声明中表示：

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

“Bitfinex 和 Tether 都没有、也曾经参与过任何形式的市场或价格操纵。”

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:

研究人员对 2017 年 3 月至 2018 年 3 月从区块链（支撑比特币和其他虚拟货币的去中心化账本）收集的数据进行了深入分析。他们的发现揭示了一个令人担忧的模式：

Tether Issuance and Bitcoin Price Correlation

Tether 发行与比特币价格相关性

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.

他们观察到 Tether 发行量与比特币价格波动之间存在显着相关性。在比特币价格下跌期间，Tether 发行量猛增。然而，在比特币价格上涨期间，这种相关性并不明显。

Tether's Role in Propping Up Prices

Tether 在支撑价格方面的作用

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.

一旦发行，绝大多数 Tether 就被转移到 Bitfinex，随后分散到其他交易所。然后，该系绳被用来购买比特币，有效地支撑了其价格。

Statistical Analysis

统计分析

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.

利用先进的算法，研究人员隔离了 Tether 流量最高的 87 小时。虽然这些区间只占数据的不到 1%，但它们占比特币复合回报的 50%，占其他六种主要加密货币回报的 64%。

10,000 Simulations

10,000 次模拟

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.

随后，研究人员进行了 10,000 次模拟，每次模拟从数据中随机选择 87 小时。这些模拟都没有产生与实际系绳数据观察到的结果可比的结果。

Manipulation Concerns

操纵问题

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

研究人员总结道：“我们的研究结果提供了大量证据来支持价格操纵可能导致加密货币市场严重扭曲的假设。”

Conclusion

结论

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.

德克萨斯大学的研究论文引发了加密货币社区内的争论，引发了对市场完整性的严重质疑。潜在的价格操纵会破坏信任，并威胁到加密货币作为合法投资的未来。监管机构必须保持警惕并迅速采取行动，以确保这些市场的公平和透明度。