Independent research verifies GBTC's 633K Bitcoin: So why won't Grayscale?

11/25/2022 7:43:00 AM

Crypto Twitter analysts have been praised by Brian Armstrong and Elon Musk since the FTX fallout, and have once again shown their worth by independently verifying Grayscale’s reserves.

Grayscale’s 633K BTC has been verified by independent research, but it raises questions as to why the firm couldn’t provide proof of reserves themselves. One Twitter user may have uncovered the answer.

Crypto Twitter analysts have been praised by Brian Armstrong and Elon Musk since the FTX fallout, and have once again shown their worth by independently verifying Grayscale’s reserves.

on Nov. 18.Knowing that most of the assets had recently been transferred from Grayscale’s previous security provider Xapo to Coinbase Custody, Ergo was able to use public data and chain forensics to attribute a balance of about 317,705 BTC in 432 addresses to likely GBTC custody activity.

Related:Bitcoin price still due $12K dip, says trader as ETF guru backs GBTCTo find the rest of the BTC held by GBTC, Ergo had to “scan the blockchain” in order to find additional addresses which fit the profile of those they originally found, and notes that while the analysis “certainly includes false positives and negatives,” the

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Now transparency is one of the most important components Now I'm wondering if USDC reserves exist. Otherwise, this story could happen again with Circle. Transparency is the need of the hour. People just have to learn to choose the right things, that's all. I chose Bitfinex as my main trading platform and have no problems at all. It's the same with crypto.

what this essentially means is that’s Coinbase does not hold 2m Bitcoin on there books. They own more like 1.357m Bitcoin this would mean there books are off and GBTC coins are held in custody there. Another circle jerk , Pull your funds people , Wake up. coinbase fraud Cause it had to be borrowed first

⛳️⛳️⛳️⛳️⛳️⛳️⛳️⛳️ GBTC != Btc They leveraged with the money to make more money. People wake up! GBTC😂 lol, independent research my butt cc CoinDesk You are next 🤣 Independent researcher they paid for

Twitter comedy account Dril says Musk's Twitter will be 'beautiful'One of Twitter's best-known comedy accounts, Dril, says Elon Musk's Twitter is going to be a 'beautiful thing' No one takes you seriously. Everyone knows you push propaganda, not news.

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Musk says he’s granting ‘amnesty’ to suspended Twitter accountsThe billionaire’s announcement came after he asked in a poll posted to his timeline to vote on reinstatements for accounts that have not “broken the law or engaged in egregious spam.” The yes vote was 72%. It’s called freedom of speech and not censoring people because other people are offended.

Twitter, others slip on removing hate speech, EU review saysTwitter took longer to review hateful content and removed less of it in 2022 compared with the previous year, according to European Union data released Thursday. Hate Speech You mean pointing out that the entire LGBTQQIAXYZ+ WORLD is suffering from Gender Dysphoria... a mental condition....? Yea we should be like them and jail people for words.

Elon Musk says Twitter to provide 'amnesty' to some suspended accounts starting next weekElon Musk said on Thursday that Twitter will provide a 'general amnesty' to suspended accounts starting next week after running a poll on whether to do so for users who had not broken the law or engaged in egregious spam. Major advertisers should be stoked about this. Yup, he's creating a right wing hellscape. Boooooooooooo

withholding on-chain proof of reserves on Nov..Full Transcript This transcript was prepared by a transcription service.Washington Post tech and online culture reporter Taylor Lorenz skewered Elon Musk’s management of Twitter, calling "disaster" during a recent interview on BBC World News.

18. Knowing that most of the assets had recently been transferred from Grayscale’s previous security provider Xapo to Coinbase Custody, Ergo was able to use public data and chain forensics to attribute a balance of about 317,705 BTC in 432 addresses to likely GBTC custody activity.  The user, who uses the handle @dril and the pseudonym Wint, has 1. Related: Bitcoin price still due $12K dip, says trader as ETF guru backs GBTC To find the rest of the BTC held by GBTC, Ergo had to “scan the blockchain” in order to find additional addresses which fit the profile of those they originally found, and notes that while the analysis “certainly includes false positives and negatives,” the they found contain holdings of BTC nearly identical to what GBTC claim to have. Kate Linebaugh: Last week, a group of Twitter employees gathered at their office. Announcing they had confirmed the holdings, Ergo added: “Which begs the question, why does Grayscale refuse to disclose their on-chain holdings?” Twitter user Skyquake-1 offered a possible answer, having dug up GBTC’s Securities and Exchange Commission (SEC) filing from January 2017, which states that the custodian “may not disclose such [public] keys to the Sponsor, Trust or any other individual or entity. Speaking to the Washington Post in a phone interview, Dril compared Twitter to Musk's invention of the Hyperloop.” Turns out it was part of the .2 million voters voted"Yes," while 27.