CandleFocus Video: Unpacking Justin Sun’s messy WBTC deal with BitGo
2024-09-25
Author: Content Editor
BitGo's partnership with Justin Sun and BitGlobal for wrapped bitcoin (WBTC) has sparked controversy and brought attention to Sun's other projects. MakerDAO has disabled new borrows against WBTC, while Coinbase launched its own wrapped bitcoin product, cbBTC, which has upset Sun. He accused cbBTC of lacking proof-of-reserves or audits, claiming that exchanges without them cannot meet requirements. Ironically, Poloniex, an exchange owned by Sun, also lacks proof-of-reserves. Sun-advised exchange HTX heavily relies on this product.
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