↓ Coinbase Delists WBTC Amid Controversies, Focuses on Its cbBTC
A series of news pertains to the controversial decision by Coinbase, a leading cryptocurrency exchange, to delist Wrapped Bitcoin (WBTC) , and...
The cryptocurrency market has seen significant buzz surrounding Wrapped Bitcoin (WBTC) due to numerous developments. Central crypto entity Sky has shocked the space with its reconsideration of plans to offboard WBTC following discussions with BitGo CEO, WBTC’s co-creator. Sky's decision has stirred speculations whether others might follow suit. Amid this upheaval, Coinbase has introduced cbBTC, a competitor to WBTC, heightening the controversy around WBTC. In the same vein, 21Shares has also launched 21BTC on Ethereum amidst WBTC challenges. Token redemptions have outpaced minting drastically following BitGo’s custodial changes. Other crypto giants like DeFi lending giant Sky have also proposed offloading WBTC due to cryptographic concerns.
A crypto whale has been reported to make significant WBTC purchases amidst this chaos. BitGo has fervently defended WBTC’s transparency and security, while its CEO rebukes critics for not being 'intellectually honest'. Amid the rising dissatisfaction with WBTC, crypto exchanges Coinbase and Kraken have signalled their entrance to the Bitcoin DeFi arena with new wrapped Bitcoin products.
On the darker side, there have been serious security issues with WBTC, including a $68M loss to an address poisoning scam. Justin Sun has vehemently rebuffed accusations of controlling WBTC amid the growing fuss. However, WBTC critics highlight Sun's role in WBTC's custody changes, which have primarily sparked this tumult. The controversy has led to MakerDAO suspending WBTC-backed loans due to security risks. Even as the fears persist, the Threshold Network proposes significant custody changes to ‘save WBTC’. Amid the developments, WBTC price forecasts remain a point of interest in the market.
WBTC Coin News Analytics from Wed, 30 Jan 2019 15:39:57 GMT to Wed, 25 Sep 2024 09:01:37 GMT - Rating 0 - Innovation 5 - Information 7 - Rumor 3