Tether refutes claim it sold BTC to buy gold

Tether CEO Paolo Ardoino has refuted allegations that the company sold Bitcoin to purchase gold. The claims originated from YouTuber Clive Thompson, who asserted that Tether bought $1.6 billion in gold last quarter while selling $1 billion worth of Bitcoin. While Tether's BTC holdings did decrease from 92,650 to 83,274 during the second quarter, the company explained this was due to a transfer to its affiliate, XXI. Tether's net holdings actually increased by more than 10,000 BTC across the second quarter and July combined.