Reports Suggest 11th-Largest Bitcoin Wallet Belongs to Stablecoin Giant Tether

A 21.co probe expert has disclosed that Tether, the institution down the world’s astir salient stablecoin by marketplace capitalization, could perchance clasp the 11th-largest bitcoin (BTC) address. Additionally, an idiosyncratic acquainted with the substance has verified to The Block that said code does so beryllium to Tether.

Research Analyst and Unknown Source Link $1.6 Billion BTC Address to Stablecoin Firm

Lately, Tether’s attestation reports person sparked discussions wrong the crypto assemblage regarding the firm’s net and bitcoin (BTC) holdings. The Q1 2023 Assurance Report for Tether indicated that it possessed bitcoin reserves amounting to $1.5 billion.

BDO prepared the astir caller attestation, which demonstrated an $850 cardinal summation successful Tether’s reserves successful Q2 2023. On August 3, 2023, Tom Wan, a probe expert astatine 21.co, posted connected societal media level X that helium believed a circumstantial code was associated with Tether.

Crypto writer Yogita Khatri reported aft the societal media station that “a root with nonstop cognition of the substance confirmed to The Block that Tether is the 11th-largest bitcoin holder.” According to the BTC affluent list, the code “bc1qj” possesses a equilibrium of 55,022.19 BTC, equivalent to $1.6 cardinal astatine existent speech rates.

Though Tether has neither refuted nor affirmed ownership of this BTC address, onchain information reveals galore bitcoin transfers originating from Bitfinex, arsenic per Arkham Intelligence data.

Blockchain explorers qualify the code connected with the purported Tether bitcoin wallet “1Kr6Q” arsenic 1 owned by Bitfinex. Ifinex owns some Bitfinex and Tether. The blockchain explorer OXT displays an annotation from June 14, 2020, that reads: “This is simply a Bitfinex blistery wallet which is inactive successful usage today.”

In May 2023, Tether declared that it would allocate 15% of its profits towards bitcoin. Bitfinex besides manages the bitcoin code “bc1qg,” the world’s second-largest wallet, containing 178,010.08 BTC.

What bash you deliberation astir the speculation and reports that accidental the 11th-largest bitcoin wallet belongs to Tether? Share your thoughts and opinions astir this taxable successful the comments conception below.