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What will be Justin Sun's role in the WBTC custody transition by October 10, 2024?
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Resolution / Starting Odds
Operational role • 25%
Advisory role • 25%
Financial role • 25%
No significant role • 25%
Official announcements from BitGo, BiT Global, or Justin Sun
Story
BitGo to Transition WBTC Custody with BiT Global, Involving Justin Sun and Tron Ecosystem
Aug 10, 2024, 04:23 PM
BitGo has announced a strategic move to transition its Wrapped Bitcoin (WBTC) business to a multi-jurisdictional custody model in partnership with BiT Global, based in Hong Kong. This partnership involves Justin Sun and the Tron ecosystem, marking a significant shift in the custody of WBTC. The transition is set to occur in 60 days, with assurances of no disruptions. However, the move has prompted Maker to consider offboarding WBTC due to the change in custody arrangements. The development has sparked discussions in the DeFi community about the risks and alternatives to WBTC, such as tBTC, which offers on-chain proof of funds and has bridged over 10,000 BTC across various platforms including Ethereum, Arbitrum, and Solana.
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Yes • 50%
No • 50%
Hong Kong • 33%
Singapore • 33%
Equally Distributed • 33%
BitGo • 25%
BiT Global • 25%
Joint management • 25%
Other • 25%
BitGo manages WBTC minting • 25%
Threshold Network manages WBTC minting • 25%
Joint management by BitGo and Threshold • 25%
Other entity manages WBTC minting • 25%
BitGo • 25%
Coinbase • 25%
Justin Sun • 25%
Other • 25%
Security • 25%
Decentralization • 25%
Counterparty Risk • 25%
Regulatory Issues • 25%
CEO • 25%
Advisor • 25%
No formal role • 25%
Other • 25%
