A forensic study on bitcoin’s 2017 boom has found that nearly the entire rise of the digital currency at the time is attributable to “one large player,” although the market manipulator remains unidentified.
A forensic study on bitcoin's 2017 boom has found that nearly the entire rise of the digital currency at the time is attributable to "one large player," although the market manipulator remains unidentified.
Griffin and Shams were able to follow the clusters of data to a source: "One large account at Bitfinex." The digital currency exchange Bitfinex is one of the largest in the world. The study found that, through Bitfinex, the single player was able to manipulate demand for bitcoin via "extreme" flows of tethers. The Wall Street Journal firstThe manipulation occurred as bitcoin rose to an all-time high of nearly $20,000 in late 2017, the study found.
Cowen said Griffin and Shams' study will likely add even more scrutiny of bitcoin and cryptocurrency at large, especially from regulators and lawmakers.
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