{"id":7632,"date":"2018-07-03T02:36:03","date_gmt":"2018-07-03T02:36:03","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=7632"},"modified":"2018-07-03T13:27:37","modified_gmt":"2018-07-03T13:27:37","slug":"kraken-roasts-bloomberg-for-article-on-alleged-tether-manipulation","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/kraken-roasts-bloomberg-for-article-on-alleged-tether-manipulation\/","title":{"rendered":"Kraken Roasts Bloomberg For Article On Alleged Tether Manipulation"},"content":{"rendered":"

\"kraken\"Bloomberg\u2019s article titled \u201cCryptocoin Tether Defies Logic on Kraken\u2019s Market, Raising Red Flags\u201d<\/strong> was trying to prove that Kraken exchange is being used <\/a>to manipulate the demand for Tether, a stable coin pegged to the US dollar on a 1:1 ratio. The article tried to create a notion that large transactions originating from Tether was not mirroring trades conducted within Kraken. Bloomberg further interpreted that it might be due to wash-trading. In a scathing response, Kraken exchange has pointed out the flaws in Bloomberg\u2019s report.<\/p>\n

In its blog post,<\/a> Kraken begins by saying that Bloomberg news doesn\u2019t have a grasp on fundamental concepts of financial markets. Kraken<\/strong> says<\/p>\n

\u201cBloomberg News inexplicably fails to comprehend basic market concepts such as arbitrage, order books and currency pegs.\u201d<\/p><\/blockquote>\n

Kraken has also stated that it is appalled by the \u201capplause\u201d<\/strong> the article has received from other \u201cjournalist lemmings\u201d.<\/strong> By supporting the article, the reputation of the reporters has fallen off the cliff, Kraken said. While pointing out how the article defies logic, Kraken has also appreciated the cryptocommunity for shattering the \u201cTether takedown\u201d, <\/strong>listing a countless number of social media responses berating the article.<\/p>\n

The exchange has rightly highlighted its worries about ignorant lawmakers who may pick up the opinion on incomplete information and take it as empirical evidence. The post says \u201cIt\u2019s scary to think that our lawmakers are reading this stuff. The title sure was sensational, and it undoubtedly grabbed eyeballs but what of the readers who are not following the outrage on Reddit and Twitter? What of those who rely on the journalistic integrity and expertise of their news sources?\u201d <\/strong><\/p>\n

\"\"<\/p>\n

Kraken has refuted claims made by Bloomberg\u2019s article, clause by clause. The rebuttal also elaborates on how USDT works. Kraken explains how Tether manages to stay stable through arbitrage and the manner is which it is collateralized with the greenback. The post also underlines the illogic of being labeled as the arbiters of Tether, referring their less than 1% of overall Kraken volume through 1H2018.<\/p>\n

\"\"<\/p>\n

Referring to the alleged manipulation, the blog states that it would be idiocy to select USDT for wash trading<\/a> due its repute as a pegged currency.<\/p>\n

“If you\u2019re looking around for potential wash trading in USDT, we recommend you look elsewhere. That said, it\u2019s not clear what harm could come from wash trading of a pegged asset against its peg. In Kraken\u2019s case, USDT is only traded against its peg, USD, which itself is an explicitly manipulated asset.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bloomberg\u2019s article titled \u201cCryptocoin Tether Defies Logic on Kraken\u2019s Market, Raising Red Flags\u201d was trying to prove that Kraken exchange is being used to manipulate the demand for Tether, a stable coin pegged to the US dollar on a 1:1 ratio. The article tried to create a notion that large transactions originating from Tether was […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68,1],"tags":[],"class_list":["post-7632","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency","category-usa"],"yoast_head":"\nKraken Roasts Bloomberg For Article On Alleged Tether Manipulation<\/title>\n<meta name=\"description\" content=\"Bloomberg\u2019s article titled \u201cCryptocoin Tether Defies Logic on Kraken\u2019s Market, Raising Red Flags\u201d was trying to prove that Kraken exchange is being used to manipulate the demand for Tether. In a scathing response, Kraken exchange has pointed out the flaws in Bloomberg\u2019s report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/kraken-roasts-bloomberg-for-article-on-alleged-tether-manipulation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kraken Roasts Bloomberg For Article On Alleged Tether Manipulation\" \/>\n<meta property=\"og:description\" content=\"Bloomberg\u2019s article titled \u201cCryptocoin Tether Defies Logic on Kraken\u2019s Market, Raising Red Flags\u201d was trying to prove that Kraken exchange is being used to manipulate the demand for Tether. 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