Research Analyst and Unknown Source Link $1.6 Billion BTC Address to Stablecoin Firm
In recent discussions within the crypto community, Tether’s attestation reports have raised questions about the firm’s earnings and bitcoin holdings. The Q1 2023 Assurance Report revealed that Tether had $1.5 billion in bitcoin reserves. BDO, the auditing firm, prepared the most recent attestation report for Q2 2023, showing an $850 million increase in reserves.
On August 3, 2023, research analyst Tom Wan from 21.co posted on social media platform X, suggesting that a specific address was associated with Tether. Cryptocurrency journalist Yogita Khatri later confirmed that Tether is the 11th-largest bitcoin holder, according to a source with direct knowledge of the matter.
The address “bc1qj” on the BTC rich list holds a balance of 55,022.19 BTC, equivalent to $1.6 billion. Though Tether has not confirmed or denied ownership of this address, onchain data shows multiple bitcoin transfers originating from Bitfinex, the parent company of Tether, according to Arkham Intelligence.
The blockchain explorer OXT identifies the address “1Kr6Q” as a Bitfinex-owned wallet, based on annotations from June 14, 2020. Tether announced in May 2023 that it would allocate 15% of its profits to bitcoin, and Bitfinex manages another significant wallet, “bc1qg,” containing 178,010.08 BTC.
Key Points:
- Tether’s Q1 2023 Assurance Report showed $1.5 billion in bitcoin reserves.
- BDO prepared the most recent attestation report, revealing an $850 million increase in reserves for Q2 2023.
- A research analyst suggested a specific address was linked to Tether, which was later confirmed by a source.
- The address “bc1qj” on the BTC rich list holds $1.6 billion worth of BTC.
- Onchain data shows bitcoin transfers originating from Bitfinex, indicating a connection to Tether.
Hot Take:
This latest revelation linking a significant BTC address to Tether raises further questions about the transparency and credibility of the stablecoin firm. The crypto community is closely watching to see how Tether responds and whether this will impact its reputation in the market.
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