Cryptocurrency Price Manipulation


  • The emergence of cryptocurrencies has brought with it novel means by which market participants may be able to manipulate the market to the detriment of investors

  • Fideres was tasked with identifing a pump-and-dump scheme used by Tether and Bitfinex to potentially inflate the price of Bitcoin

  • We were also tasked with identifying manipulative transfers through wallets used by Tether and Bitfinex on the Bitcoin blockchain



  • Fideres built and maintained data infrastrucure to store, clean and analyze all transfers on the Bitcoin blockchain

  • We built screens to identify anomalous transfers on the Bitcoin blockchain that coincide with new Tether issuances

  • We built statistical models that quantify the potential impact of Tether issuances and large Bitfinex transfers on Bitcoin prices



  • Filing of the first US cryptocurrency class action complaint in the US

  • We estimated class-wide impact and defined the relevant market for the class action

  • We established the theory of harm for how Bitcoin futures were impacted