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Market
Will WBTC custody transition be completed by October 9, 2024?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
Official announcements from BitGo or BiT Global, press releases, or major financial news outlets
Story
BitGo and BiT Global Partner in Hong Kong for WBTC Custody Shift Involving Justin Sun
Aug 10, 2024, 03:54 PM
BitGo has announced a strategic move of its Wrapped Bitcoin (WBTC) business to a multi-jurisdictional and multi-institutional custody system through a partnership with BiT Global, based in Hong Kong. This transition, set to occur in 60 days, aims to enhance the security and management of WBTC. The partnership involves BitGo, BiT Global, Justin Sun, and the Tron ecosystem. However, this change in custody has led to concerns within the decentralized finance community, with Maker planning to offboard WBTC.
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Hong Kong • 33%
Singapore • 33%
Equally Distributed • 33%
Hong Kong • 25%
United States • 25%
Europe • 25%
Other • 25%
Security • 25%
Decentralization • 25%
Counterparty Risk • 25%
Regulatory Issues • 25%
Operational role • 25%
Advisory role • 25%
Financial role • 25%
No significant role • 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%