Why doesn’t gray do it?

After digital asset management firm Grayscale refused to provide evidence of its Grayscale Bitcoin Trust (GBTC) holdings, an independent analyst spent days monitoring the blockchain to independently verify its holdings..

OXT Research Analyst, So, he used chain forensics to confirm that on November 23 GBTC has approximately 633,000 Bitcoin (BTC) in the hands of its custodian, Coinbase Custody.

After the collapse of FTX, pressure has increased on other exchanges and digital asset managers to prove they have the funds they claim.. The collapse of GBTC or the liquidation of its holdings would be a serious matter black swan event. Concerns arose over Grayscale’s relationship with cryptocurrency lender Genesis Global Tradingas both are subsidiaries of venture capital firm Digital Currency Group.

Independent verification of your stock will give investors some confidence in the product and the sector as a whole.and comes after Coinbase approved the asset earlier this week.

Ergo has announced that it is investigating the shares held by GBTC On Twitter November 20 after grayscale indicated security issues save proof of supply in the chain on November 18.

they report losing money due to FTX bankruptcy in the US

Knowing that most of the assets were recently transferred from Grayscale’s previous security provider Xapo to Coinbase Custody, Ergo was able to use public data and on-chain forensics to attribute a balance of approximately 317,705 BTC across 432 addresses to likely GBTC custodial activity..

To find remaining BTC in BTC, Ergo had to “scan the blockchain” to find additional addresses that matched the profile of those it initially found, noting that while the analysis “does include false positives and negatives,” addresses found nearly identical stakes in BTC as claimed by GBTC.

After announcing that they had approved the farms, Ergo added:

“This begs the question, why is Grayscale refusing to disclose its stake in the network?”

Twitter user Skyquake-1 suggested a possible answer after viewing GBTC in 2017. month of January. Securities and Exchange Commission (SEC) statement stating that the custodian “may not disclose such keys. [públicas] sponsor, trustee or any other person or entity”.

Ergo has received praise from many members of the communityincluding Ceteris of cryptocurrency research firm Delphi Digital, which reposted the analysis and added:

“Ergo is a treasure”

The Twitter community was a a constant source of information in the cryptocurrency industry, especially after the FTX crashand even received praise from Coinbase CEO and co-founders Brian Armstrong and Elon Musk for their efforts.

A community in Guatemala is mining Bitcoin with used cooking oil

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Source: news.google.com

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