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On-Chain Investigation To Find The $50 Billion “Digital Currency Group” On The Verge Of Total Collapse

The 50 Billion Empire of “Digital Currency Group” might be on the verge of Total Collapse.

They own Genesis and Grayscale.

They claim they have 633k BTC in backing.

But they REFUSED to prove it.

🧵 We've done an on-chain Investigation to find the actual Reserves of DCG.

Structure of the Thread:

1. The beginning of the End (3rd - 4th Tweets) 2. Possible huge hole in Backing Reserves (5th - 8th Tweets) 3. Coinbase report (9th Tweet) 4. Conclusion (10th Tweet)

1. The Beginning of the End.

• The discount of GBTC to the Net Asset Value (NAV) of the Grayscale Bitcoin Trust reached a record ~55% and keeps increasing.

• To solve it, Digital Currency Group (DCG) must start liquidating part of 633k BTC to restore the situation.

The problem?

• They don't have the 633k BTC that they claimed to have. They refused to show the reserves:

• And they removed the team page from the website 🤦‍♂️ Web Archive:

Grayscale on Twitter
Who We Are - Digital Currency Group

2. Possible huge hole in Backing Reserves.

• Coinbase claims they began holding Grayscale assets on July 29, 2019. They were transferred to them through Xapo.

• In 2019 Grayscale claimed to have 240k BTC.

• There is a corresponding transaction on July 29.

• Huge volume spike was caused by 4 transactions:

1. 41.8k BTC:

2. 47.4k BTC:

3. 47.4k BTC:

4. 47.5k BTC:

~185k BTC. Almost the claimed 240k. So seems like these are DCG txs.


(Credits to @ErgoBTC for researching to which wallet addresses BTC came afterwards)

• 432 Wallet Addresses with a total of 318k BTC were found overall.

⚡️ Here is a Google Sheet with addresses and the amount of BTC held on each of them:

Grayscale Bitcoin Reserves

318k BTC is 1/2 of what Grayscale claims to have.

Hopefully, another half is being properly stored in the Reserves of DCG, and addresses of Reserves will be public soon.

3. Coinbase report.

Yesterday, @coinbase published a report, where they listed all assets that DCG (Grayscale) is backed by.

Here is a link to the report:


Without listing actual addresses of the reserves. 🤷‍♂️

4. Conclusion

We are just sharing data. It's your choice who to believe.

We hope this thread was useful for you. 💙

🤔 By the way:

🚨 Just 1 day before the FTX Collapse - we've warned you about it.

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This post is based on this twitter thread.


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