Thread by @cache_gold

Another 🧵on #Tether Gold

Let's try to #audit #TetherGold $XAUT with the little information they do provide and let's "trust them" 😉

The top 10 addresses have %98.9 (104,386) of the total supply (105,549) so it's quick and easy to cover the vast majority of the supply....

Spoiler alert: According #TetherGold's own "Gold Allocation Lookup" tool, the top 10 addresses holding almost 99% of the total supply of $XAUT are not fully backed... 😲

Are you surprised?

Of the top 10 addresses #Tether's own data says only 3 addresses have the same amount of #gold allocated as tokens. 4 addresses have no gold allocated but hold 9,595.10 tokens. 2 addresses are under-allocated by 23,453.13 ounces. One address is over-allocated by 219.40 ounces.

The data provided by #Tether's own website (gold.tether.to) says the top 10 addresses are only 69.7% backed by gold. The remaining 335 addresses only hold ~1.1% of the supply so analyzing the backing reported for these addresses will not change the overall picture.

If #Tether Gold cannot even produce a report that adds up for their 🔝 10 addresses, should they be trusted with your #gold?

Don't trust, #verify: explorer.cache.gold

It seems nothing has changed at #TetherGold since this article was published other than that things have gotten worse!

cryptoresearch.report/crypto-researc…

This analysis was performed on November 22, 2021 at approximately 19:55 Singapore time.

You can find supporting details here or perform your own analysis using public on chain data and #Tether's Gold Allocation Lookup tool: gold.tether.to

drive.google.com/drive/folders/…

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