CandleFocus Sky Pauses Plan to Offboard Wrapped Bitcoin, After Chat With BitGo's Belshe
2024-09-25
Author: Content Editor
Sky, the decentralized finance lender previously known as MakerDAO, may pause its plan to offboard wrapped bitcoin (WBTC) as collateral after receiving a recommendation from influential advisor BA Labs. The advisor expressed concerns about Tron founder Justin Sun's involvement with the project, but after discussions and clarification from Mike Belshe, CEO of BitGo, BA Labs felt more comfortable with the current state of WBTC operations. BA Labs recommended indefinitely pausing the collateral offboarding procedures, as the risk had fallen to an acceptable range. The drama surrounding WBTC has led to increased competition from alternative tokens such as dlcBTC, tBTC, and FBTC, as well as Coinbase's own cbBTC.
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