↓ Wrapped Bitcoin Milling Through Turbulent Times: A Comprehensive Review
In recent times, Wrapped Bitcoin (WBTC) has seen a great deal of controversy and volatility. The negative sentiments around the cryptocurrency...
Coinbase, a major cryptocurrency exchange, alarmed many investors with its decision to delist Wrapped Bitcoin (WBTC). Coinbase citied listing concerns as its main rationale. Following this decision, a $1 billion lawsuit was filed against Coinbase by BitGlobal over the controversial delisting. The lawsuit claims that Coinbase unfairly favored cbBTC over WBTC, the latter being previously linked to controversial figure Justin Sun.
The controversy surrounding WBTC didn't stop some entities from investing in it, with Trump-linked World Liberty Financial notably moving its substantial ETH and WBTC holdings towards Coinbase, further fueling the controversy. Meanwhile, Bit Global saw strong opposition to its attempts to block the delisting of WBTC, with a federal judge asserting that Coinbase can proceed with their plans.
Nonetheless, WBTC has seen some fluctuation, with prices briefly crashing on Binance. However, it remains used within the DeFi sphere. Despite concerns, the WBTC supplied on Aave surged to a record high. There are also some prospects for WBTC’s future, with DeFi protocol Threshold proposing a Bitcoin wrapper merger to salvage the project.
WBTC Coin News Analytics from Wed, 14 Aug 2024 07:00:00 GMT to Sun, 30 Mar 2025 00:00:30 GMT - Rating -7 - Innovation -3 - Information 8 - Rumor -2