Bolt Thrower logo stripe patch

first link is an official as far as I know

Well, I'm no expert either; I'm just going by what I've observed. There are some differences that made me think it was a fake.

The drawing is a bit stretched, it's more noticeable in the central part, the H, or the central peaks.

The "curtain" of dots that appears in the background should logically only be in the strip where there's light-colored thread, however, in this version it extends to the end of the drawing, and it has exactly the same tone throughout (there should be gaps between the letters), unlike in the "real" one, as if it had been deliberately added to give it a realistic touch.

As you rightly say, the black stitching is totally missing. I think it's a blunder that they didn't take into account in either this one or the blue version, which, although it may be original, I doubt is from 1991; it's probably from later.

Unfortunately, I don't have that patch and I can't compare it to the others I have because, for example, the clear thread in the logo of the original is quite special; it's not metallic but it shines. I'd like to see if they've used the same one.

But again, it's all just speculation, there must be very few people left who know what really happened here.