A professor at the University of Texas – John Griffin – and an assistant professor at the Ohio State University – Amin Shams – carried out the research. Griffin and Shams claimed that the buying pressure behind Bitcoin (BTC) on Bitfinex surged as soon as its price dropped to a certain level. A snippet of the research states:
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it is just one large one. Years from now, people will be surprised to learn that investors handed over billions to people they did not know and who faced little oversight.”
Stuart Hoegner – the general counsel at Bitfinex – denied the claims. However, Bitfinex and Tether had not made any official statement until now.