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According to a recent announcement by crypto tracking platform Arkham, a cryptocurrency wallet on the blockchain is holding an astonishing amount of gold.
Data reveals that this particular crypto wallet holds over $250 million worth of Tether Gold (XAUT). Similar to Tether (USDT), Tether Gold is a stablecoin pegged to the price of gold per ounce and is also managed by Tether. The amount of gold held by this wallet equates to a staggering 3 tons of physical gold. Tether has confirmed that each unit of Tether Gold is backed 1:1 by physical gold stored at its facilities.
Who Owns the Mysterious Whale Wallet?
The massive crypto wallet reportedly belongs to Rhino.fi, a decentralized finance (DeFi) platform.
Interestingly, as global gold prices experienced a significant surge over the past few months, the value of the assets in this crypto wallet also saw a substantial increase. Since the gold was moved into this wallet, the total value of these blockchain-based assets has risen by $90 million.
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