❓Question: What happens if we query #Tether's website (gold.tether.to) to ask how many of the 351 addresses that currently hold $XAUT are backed?

Answer: Only 12 of 351

Got #gold? Got proof?

#AuditTether

Detailed Data 2-12-2021 👉 drive.google.com/drive/folders/…
#Tether's transparency report claims their physical gold is tracked to 1/1000th of a troy ounce (0.001 $XAUT).

#Tether Gold's whitepaper contradicts the transparency report and claims "six decimal places" (0.000001 $XAUT).

Tether is not meeting either standard of precision.

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More from @cache_gold

2 Dec
🧵 #TetherGold $XAUT #audit update 2-12-2021:

1) Since November 22, 2021 #Tether Gold has added an additional 20,125.341 supposedly equivalent to 20,125.341 troy ounces of #gold worth currently worth ~$35,621,850.
2) 125,674.437 $XAUT purportedly backed by 125,674.437 troy ounces of #gold currently worth ~$222,456,320 are held by only 351 addresses.
3) The top address holds 74.4% of the total supply. Top 5 = 93.60%, top 10 = 99.15%, top 20 = 99.72%

4) The number 2 address is Bitfinex, #Tether's own exchange with 11.45%.

5) Only 61 addresses hold more than 1 ounce of gold (~$1,770).
Read 9 tweets
22 Nov
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.... Tether Gold
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. Image
Read 8 tweets
22 Nov
A 🧵 on #TetherGold $XAUT

#Tether Gold has now issued nearly $200 million (105,549.096) tokens they claim are fully backed by #gold. These $200 million worth of tokens are held by only 345 addresses.

Only 60 addresses hold more than 1 ounce of gold (~$1850).
The top five #TetherGold $XAUT addresses hold 94.88% of the total supply.

The top ten addresses hold 98.90% of the total supply.

The top twenty addresses hold 99.97% of the total supply. #Tether
#TetherGold $XAUT has had only 381 on chain transfers in its entire history. 😲

#Tether has not been audited and provides no meaningful details about their claimed #gold backing and it's been 145 days since their latest "assurance report".

cryptoresearch.report/crypto-researc…
Read 6 tweets

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