Wrapped Bitcoin hides bitcoins for WBTC on Tron
On August 9, BitGo announced that it was transitioning Wrapped Bitcoin (WBTC) to a new “strategic partnership between BitGo, Justin Sun, and the Tron Ecosystem.”
The announcement continued that this partner would would “continue to provide real-time proof-of-reserves.”
Despite specifically referencing the Tron ecosystem and promising that real-time proof-of-reserves would also continue, WBTC on TRON, as well as WETH on TRON, have been removed from the WBTC dashboard, meaning the proof-of-reserves for this token is no longer available.
The dashboard no longer includes WBTC on Tron but still features the versions on Ethereum, Base, Kava, and Osmosis.
An on-chain review of WBTC on Tron doesn’t show any substantial changes in the supply recently. However, it’s not currently possible to verify the BTC that is meant to collateralize these tokens.
Read more: Coinbase to delist WBTC months after Justin Sun controversy
These changes to WBTC come quick on the heels of Sun-advised HTX redeeming thousands of WBTC it hadn’t previously disclosed.
It’s not clear why WBTC made this change, especially as it continues to advertise on its homepage that it’s “Completely transparent. 100% verifiable.”
This change to not disclosing its backing brings WBTC on Tron in line with Sun-owned Poloniex’s BTC on Tron product. This product is approximately 1,000 times larger than WBTC on Tron, makes up a massive portion of all BTC on HTX, and doesn’t disclose where the backing is held.
Protos has reached out to BitGo, BiT Global, WBTC, and Justin Sun but none responded immediately to questions about why these products were removed from the website.
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