↝ World Liberty Financial Invests Heavily in WBTC Coin Amid Ongoing Legal and Market Controversies
World Liberty Financial , which is believed to have connections to the Trump family, has reportedly invested heavily in wBTC , purchasing over...
The cryptocurrency exchange Coinbase has announced its intention to delist and halt trading of Wrapped Bitcoin (WBTC) as of Dec. 19. This move is suspected to be tied to Justin Sun's increasing influence over the project and his launch of a competing wrapped bitcoin token. Issues of custody are also raised with the abrupt transition from BitGo's WBTC to multi-jurisdictional custody arrangement, triggering several DeFi protocols to reconsider their WBTC lending loans and recommending offboarding. Amid the controversy, Coinbase promoted its own version of wrapped Bitcoin, cbBTC, which reached a $1 billion market cap within 57 days. This has sparked a heated rivalry with BitGo, with BiT Global accusing Coinbase's delisting of WBTC as a move to bolster cbBTC. However, the influx of concerns has not deterred DeFi protocols such as Babylon that have drawn from LSTs and WBTC, attracting $1.5 billion in deposits and valuable DeFi innovations. As Justin Sun gains exposure, skepticism grows within the DeFi community, leading Sky and other protocols to debate removing WBTC as collateral. Meanwhile, there is speculation that WBTC's price will continue to drop, following flash crashes on Binance – particularly in the aftermath of Coinbase's delisting. The consolidation of power and influence from Justin Sun and Tron in WBTC evokes controversy and concerns over the negative impact on WBTC's liquidity and transparency.
WBTC Coin News Analytics from Fri, 08 Mar 2024 08:00:00 GMT to Wed, 04 Dec 2024 18:06:52 GMT - Rating -7 - Innovation 2 - Information 7 - Rumor -4