This all rests on the assumption that Tethers are not backed by dollars as they are supposed to be. If they are backed, it is just a form of liquidity which is in no way manipulating the market, just creating ease of capital transfer between exchanges.
They have not completed any audits, and that astronomical dollar value backing up Tether is an extraordinary claim lacking extraordinary evidence.
So, I would say it rests on the assumption that Tether is lying and have something to hide, backed by the fact that they haven't completed an audit.
The alternative, that this is not market manipulation, rests on blindly trusting that Tether is backed up by the dollars they claim.
