Bitcoin24h $81,171.18-0.32%

Ethereum24h $2,627.43-0.59%

BNB24h $764.42+0.14%

XRP24h $1.40-1.92%

Solana24h $109.84-1.20%

TRON24h $0.3435+1.33%

Zcash24h $1,456.06-2.29%

Hyperliquid24h $92.44+0.31%

Dogecoin24h $0.0868-3.79%

Monero24h $550.35-0.28%

WBTC supply contracts this month following Justin Sun custody drama

WBTC announced it will transition the custody of bitcoin for the token from BitGo to a joint venture between BitGo, BiT Global, and Sun.

VIDEO: Unpacking Justin Sun’s messy WBTC deal with BitGo

Justin Sun’s deal to become involved with BitGo and wrapped bitcoin (WBTC) has drawn more attention to his own exchanges.

Coinbase’s new wrapped bitcoin product, cbBTC, has attracted criticism from Justin Sun, despite similar problems for his product.

Threshold Network, which issues tBTC, has a new proposal that would see it merge with WBTC after it announced its Justin Sun partnership.

MakerDAO has passed an executive vote to disable future WBTC borrows after it was revealed that Justin Sun will soon be involved.