It’s hard to defend an absolute statement like “never”, since software has bugs. However, if the system is recording any IP incorrectly it is very probably recording every IP incorrectly. That is, the failure mode will be completely wrong and not just occasionally wrong.
The geographic location shown is just a best guess, so don’t rely on that. A match of the actual IP address recorded (XXX.XXX.XXX.XXX), though, is definitely suspicious. As @pfaffman mentions, there are plausible reasons for two accounts to match sometimes. Once you cross an ocean like Account 3 and 4 did, then it stretches a bit too far to be believed.
Given matching IP addresses, #2 is the WAY more likely of the two options.