Wrapped Bitcoin (WBTC) has been central to recent news events in the crypto world. Controversial changes to
BitGo's custodial protocols have led to a surge in WBTC redemptions, outpacing minting. Amid these challenges, 21Shares launched a WBTC on Ethereum and financial platform, Threshold Network, proposed a merger with WBTC to safeguard it.
Amid this controversy, Coinbase teased a new WBTC product, cbBTC. This came just days after BitGo announced abrupt policy changes towards WBTC multi-signature key holders, creating community outcry. Despite falling production, WBTC has maintained its market dominance over other Bitcoin derivatives.
A huge theft of WBTC, with about $71M stolen, has added to the cryptocurrency's woes. However, the thief later returned the stolen funds, slightly easing concerns. Meanwhile, Coinbase also hinted at launching its cbBTC to compete with WBTC. To safeguard WBTC further, the Threshold community proposed a merger, amidst growing concerns. WBTC has also expanded to Solana via Wormhole.
The cryptocurrency has also been at the centre of a controversy involving Justin Sun, Tron's founder, sparking debates about whether he controls BitGo. Furthermore, WBTC suffered from a trader losing $68M in a poisoning scam and an unknown wallet scooping 1,953 WBTC from Binance. In spite of these challenges, a crypto whale was reported to have made a huge profit trading WBTC.
WBTC Coin News Analytics from Wed, 30 Jan 2019 08:00:00 GMT to Wed, 11 Sep 2024 13:44:33 GMT -
Rating 2
- Innovation -5
- Information 3
- Rumor 0
