CandleFocus DeFi Lending Giant Sky Sets Vote to Offload Wrapped Bitcoin as Justin Sun Concerns Linger
2024-09-13
Author: Content Editor
Decentralized finance (DeFi) lender Sky, formerly known as MakerDAO, is considering removing wrapped bitcoin (wBTC) from its ecosystem, according to a governance post. Sky has $200 million of loans collateralized by the token. The proposal to reduce exposure to wBTC comes after concerns about the involvement of Tron founder Justin Sun with the custodian for the underlying assets. DeFi risk management firm BA Labs has recommended gradually offboarding all wBTC exposure in five steps, with the first step to start on September 26. Competitors offering alternative versions of the token have been energized by the development.
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