A slew of recent
wrapped bitcoin (WBTC) conflicts have been the focus of news, including Bitgo's introduction of a
reward-focused USDS stablecoin with the aim of challenging Tether and Circle.
Defi Lending giant Sky is looking to offload WBTC over concerns about
Justin Sun. With the ongoing WBTC controversy, Coinbase released its rival wrapped Bitcoin token,
cbBTC. There is growing concern over the
custody changes announced by
BitGo in WBTC, suggesting that redemptions have hugely exceeded minting. Furthermore, suggestions for broad changes to the WBTC custody have been proposed by network Threshold to safeguard WBTC.
Meanwhile,
21Shares have gone ahead to release their version of a
wrapped Bitcoin tagged 21BTC on Ethereum despite the struggles experienced by WBTC. Even as this unfolds, an unknown crypto whale has been accumulating WBTC amidst contending issues. Interestingly, the WBTC token still comfortably holds market lead over other Bitcoin derivatives such as BTCB, RBTC, and LBTC. Famously, a hack led to the loss of about $71M in WBTC, but in a turn of events, the thief returned nearly all funds to the victim. On the bright side, WBTC has expanded to
Solana via
Wormhole even as
MakerDAO, sparked by Justin Sun’s involvement in WBTC, sets WBTC debt ceiling to zero due to security risks.
WBTC Coin News Analytics from Wed, 30 Jan 2019 15:39:57 GMT to Wed, 18 Sep 2024 14:26:19 GMT -
Rating 0
- Innovation -5
- Information 7
- Rumor 3
