CandleFocus Trump-Backed World Liberty Financial Swaps Its cbBTC for WBTC After Sun Joins as Adviser
2024-12-19
Author: Content Editor
World Liberty Financial, which is supported by the family of U.S. President-elect Donald Trump, has exchanged $10 million worth of Coinbase's wrapped bitcoin, cbBTC, for rival WBTC. Wrapped bitcoin is a form of the largest cryptocurrency that can be used in decentralized finance on blockchains other than Bitcoin. Coinbase introduced cbBTC in September and delisted WBTC in November. This move prompted BiT Global, a custodian involved in WBTC, to sue Coinbase, but a court ruled against them. Additionally, the founder of the Tron blockchain, Justin Sun, who has been accused of fraud and market manipulation, became an adviser to World Liberty Financial after acquiring a stake in the platform. World Liberty Financial has not explicitly explained its decision to swap tokens but has been active in the market, picking up tokens from related companies. Sun's involvement in WBTC is indirect, as BitGo distributed control over the project's custody to multiple entities to decentralize operations. Some board members believe Sun's involvement is positive due to the success of Tron and other businesses.
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