Tether’s Bitcoin Holdings Linked to 11th-Largest BTC Address, Research Reveals
A recent disclosure from a 21.co research analyst has shed light on a noteworthy revelation regarding Tether, the company responsible for the prominent stablecoin.
The analyst highlighted the potential connection between Tether and the 11th-largest bitcoin (BTC) address. This assertion gains further credibility as an undisclosed source confirmed that the mentioned address is indeed linked to Tether. This development has ignited discussions within the cryptocurrency community, spurred by Tether’s attestation reports that have unveiled its substantial bitcoin holdings, reaching $1.5 billion according to the Q1 2023 Assurance Report.
Notably, the Q2 2023 attestation, prepared by BDO, demonstrated an impressive $850 million increase in Tether’s bitcoin reserves. The trail of evidence also reveals significant bitcoin transfers stemming from Bitfinex, which owns both Tether and the aforementioned address. While Tether has not officially confirmed nor denied ownership, the association raises intriguing questions about the dynamics between Tether and bitcoin. This revelation aligns with Tether’s earlier declaration of allocating 15% of its profits to bitcoin, underscoring the growing synergy between these cryptocurrency entities.
Clever Robot News Desk 7th August 2023
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