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SaniExp has been tracking this kind of stuff for a while, so I'm inclined to think he's not far off. It doesn't look like they're using onchain data so much as corporate data.
SaniExp has also done some interesting analysis with on chain data, which you can find here:
The worlds largest honeypot aching to get raided!
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102 sats \ 5 replies \ @OT 13h
Coinbase could be the biggest risk to Bitcoin. It will continue to grow until the next major exchange gets hacked.
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or the biggest contributor to Bitcoin security ;)
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0 sats \ 3 replies \ @OT 12h
If Nth Korea through a massive hack had 30% of the supply don't you think that it's value would shrink significantly?
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0 sats \ 2 replies \ @ken 11h
I have no good answer to this. Sheesh why are all of these people trusting Coinbase?
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custody is easier until you get rugged.
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0 sats \ 0 replies \ @ken 11h
The truth
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Nice analysis, thanks for sharing.
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