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Home Altcoins

Tether CTO Alleges USDT Price Manipulation, Binance’s Involvement Suspected

by Dan K
Aug 4, 2023 - 3:00 pm
in Altcoins
Graphic illustrating Tether's counterstatement to UN's allegations about USDT's use in illicit activities.

CTO of Tether Sounds Alarm over USDT Manipulation

Tether and Bitfinex chief technology officer Paolo Ardoino has made claims of possible manipulation of the USDT (USDT) stablecoin’s price. In an August 3 tweet, Ardoino expressed concerns that USDT is being artificially pressed down by roughly 10 basis points, equivalent to a price reduction to about $0.99.

The Unexpected Situation with USDC and a New Competitor

Interestingly, rather than witnessing an expected rise for USDT’s main competitor, USDC, Ardoino noted that it was being heavily redeemed. Meanwhile, a new contender appears to be gaining significantly from the scenario. His sarcastic remark on the situation hinted at foul play: “Exactly! It feels definitely organic and not manipulative at all,” tweeted Ardoino.

A Possible Beneficiary: First Digital USD (FDUSD)

Stablecoin data leads to the speculation that Ardoino was referencing a new stablecoin called First Digital USD (FDUSD) in his tweet. Data from CoinMarketCap reveals a sudden surge in FDUSD’s market cap, from just $20.25 million on August 2 to a staggering $256.55 million, making it the sixth stablecoin by trading volume.

Market Forces at Play: The Role of Binance?

Adam Cochran, a financial analyst, further elucidated the situation in a Twitter thread. According to Cochran, many on-chain addresses are swapping USDT for DAI, and these addresses seem to be funded by an account with thousands of Ethereum (ETH) originating from Binance. Cochran further explained that these addresses seem to be purely focused on USDT transactions, suggesting an exertion of artificial market forces on the USDT.

Unraveling the USDT Manipulation Mystery

The swapping of USDT for DAI commenced about 100 days ago. Cochran opined that it might be the exchange itself, referencing continuous spoof phishing attacks targeting exchanges. While more concrete evidence is needed, Ardoino’s concern over potential USDT manipulation could prompt a closer examination of the market dynamics surrounding stablecoins.

Tags: BinanceTetherUSDT
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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