Crypto Is TOTALLY Not Full of Fraud and Deceit!

They will pinky swear! Traders Smell Blood: The Prevarications by the Grayscale Bitcoin Trust (GBTC) In Revealing Its Cold Wallet Addresses Is Deepening Its Discount

And to be clear, I have no idea if Grayscale is run by a bunch of liars or if they are as honest as the days is long. But something is fishy in the state of Crypto.

The surprising collapse of the FTX exchange has unleashed a clarion call for greater transparency across the crypto world. In this volatile environment, the dithering of the Grayscale Bitcoin Trust (GBTC) in publishing its cold wallet addresses has raised the proverbial hackles of traders, who are now preparing to pounce on the passive investment vehicle’s perceived underlying weaknesses.

I thought it was Republicans who pounce.

Grayscale Bitcoin Trust units are trading at a 45% discount over the theoretical price, based on Bitcoin. No one is trying to take advantage of an arbitrage situation because no one believes what Grayscale is saying.

At the heart of this divergence lies a growing sense of foreboding as to the Grayscale Bitcoin Trust’s underlying exposure to Bitcoin. To allay such concerns, GBTC published a report, aptly titled “Safety, Security, and Transparency,” late on Friday.

They won't reveal their Bitcoin Wallet IDs, so that people can independently verify the amount of Bitcoin. They reference "security concerns."

Of course, this is utter balderdash, as wallet addresses themselves do not constitute any significant security-related issues.

Hat tip to Pixy Misa at Ambient Irony: Daily News Stuff 22 November 2022, in which he categorizes this in the following way.

Trust us, we totally have $10 billion worth of Bitcoin, says Grayscale. (WCCFTech)

"Can we see it?"
"No."

They are currently trading at about half of their claimed value.