Aaron Brown, Columnist

Cryptocurrency Manipulation Study Is Underwhelming

Anyone seriously interested in this new market should read the paper, not as an authoritative last word, but as a plausible account backed by some data.

June 15, 2018 at 1:30 PM UTC

By Aaron Brown

Aaron Brown is a former head of financial market research at AQR Capital Management. He is also an active crypto investor, and has venture capital investments and advisory ties with crypto firms. He is the author of the soon-to-be-released "Wrong Number."

Are cryptocurrency prices being manipulated? — Are cryptocurrency prices being manipulated?
Photographer: S3studio/Getty Images AsiaPac

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University of Texas at Austin finance professor John Griffin and graduate student Amin Shams just posted a paper suggesting that cryptocurrency prices are manipulated. The paper has received a great deal of attention in the media, but there is a disconnect between the paper and the press coverage in terms of quantification.

For example: