Research Analyst Tom Wan Unmasks Tether’s Alleged Tie to Major Bitcoin Address – Investor Bites

SNEAK PEEK

• Tether may be the 11th largest Bitcoin holder globally.
• The crypto analyst finds a correlation between Tether’s BTC balance and a specific address.
• Confirmation of these findings could increase cryptocurrency industry transparency.

Tom Wan, a noted crypto analyst, has been hot on the trail of Tether’s Bitcoin holdings. Analyzing recent financial data, Wan reveals an intriguing hypothesis: the possibility of Tether being the 11th largest holder of Bitcoin worldwide. Hence, the detective work began.

1/ .@Tether_to BTC balance increased by $176M compared to last q

– Using the price as of 30 Jun, it is estimated that they hold ~55,022 BTC

– Last Q, I mentioned the below address could belong to Tether:
bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4 pic.twitter.com/90DGmqQvLS

— Tom Wan (@tomwanhh) August 4, 2023

In a thread on his Twitter account, Wan pointed out an interesting correlation between Tether’s reported Bitcoin balance and the holdings of a particular BTC address, listed as the 11th largest holder of Bitcoin. Additionally, he speculated that all these coins could be contained in a single address, making the Bitcoin wallet “bc1qj…” the most likely holder of Tether’s digital gold.

Moreover, Wan noticed that Tether’s estimated BTC balance of $1.5 billion, equivalent to about 53.49k BTC in the last quarter, significantly matched the holdings of this mysterious BTC address. In addition, he pointed out that the Bitcoin balance of the address seemed to increase every quarter, similar to Tether’s.

2/ Last Quarter, Tether’s estimated balance is $1.5B, which is ~53.49k $BTChttps://t.co/qGLoxdAchU

— Tom Wan (@tomwanhh) August 4, 2023

Consequently, it held around 55.02 thousand BTC as of June 30. This evidence further strengthens the possibility that the above address could be Tether’s single storage solution for its Bitcoin reserves. 

On the same note, Wan proposed that if Tether could confirm this, it would pave the way for more transparency in the crypto industry. A real-time tracker for Tether’s Bitcoin address could be developed using tools like Dune Analytics, providing unparalleled clarity into Tether’s Bitcoin holdings. Further, he posted an open invitation to Paolo Ardoino, the CTO of Tether, for a response, emphasizing the potential for increased transparency.

Therefore, this could lead to unique insights into the operations of significant players in the cryptocurrency industry, potentially setting new standards for transparency. Despite the speculation surrounding Tether’s Bitcoin wallet, the crypto community waits with bated breath for a confirmation or refutation of these claims from Tether itself. After all, in the world of cryptocurrencies, clarity is critical.

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• Source: https://investorbites.com/research-analyst-tom-wan-unmasks-tethers-alleged-tie-to-major-bitcoin-address/