A new paper published by an academic and student at the University of Texas has confirmed long-held suspicions that the Tether cryptocurrency was used by people linked to the Bitfinex (iFinex Inc.) cryptocurrency exchange to manipulate cryptocurrency markets in 2017, driving the price of bitcoin and other leading cryptos to record highs. The paper, written by Professor John Griffin, who is known for catching fraud in financial markets, and graduate student Amin Shams, details the direct relationship between the issuing of Tether during bitcoin price drops and how it was used to buy bitcoin on the drop, artificially creating demand and driving the price up.

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