Sun Yuchen's takeover of WBTC raises concerns! BitGo partners with BiT Global for a new collaboration, MakerDAO initiates risk control proposal.

Cryptocurrency custody company BitGo announced that it will transfer its WBTC operations to the world's first multi-jurisdictional and multi-institutional custody service, a move made possible through a unique partnership and joint venture established with BiT Global. As part of this collaboration, BitGo will become one of the minority shareholders in the new joint venture.

However, this has raised concerns within the DeFi community, with the MakerDAO community proposing measures to mitigate potential risks associated with WBTC being controlled by BiT Global, a company linked to Justin Sun. As a result, the proposal aims to reduce the WBTC debt ceiling to zero.

Justin Sun's Response: I Will Not Intervene in WBTC

Justin Sun responded to this issue: "Recently, I heard that the community has some concerns about my involvement in various projects (including WBTC). I would like to clarify the following points: Compared to before, WBTC has not changed. Audits are ongoing in real-time and can be accessed through http:// wbtc.network visit. The minting process is fully managed by custodians Bitglobal and Bitgo in the same way as before.

In short, Bitglobal and Bitgo will not sign any unaudited transactions. The keys are still protected using the same Bitgo cold wallet technology and offline keys, with backups in multiple countries and regions. My personal involvement in WBTC is entirely strategic. I cannot control the private keys of the WBTC reserves or move any BTC reserves. I would like to discuss in detail the true situation of my involvement in projects so that everyone can better understand me. My level of involvement varies in different projects. However, my goal in all these relationships is to promote projects dedicated to decentralized, secure protocols. WBTC is an important part of the DeFi ecosystem, and I look forward to ensuring it continues to be so!"