PANews reported on November 1 that crypto KOL Phyrex pointed out that Tether’s third-quarter financial report released today revealed that as of the third quarter, Tether held a total of 75,353.56 BTC. This number did not increase compared to the second quarter, but decreased by 187.71 BTC.

Phyrex commented on this data: “I don’t know how many friends still remember that Tether said in the first quarter of 2023 that it would use 15% of its profits each quarter to purchase Bitcoin, but in the third quarter of 2024, not only did it not add any new BTC, but it actually decreased. This is a breach of trust.”