The cryptocurrency market has been experiencing some hectic times lately with the developments surrounding Wrapped Bitcoin (WBTC). In particular, BitGo’s plan to conduct the WBTC audit in partnership with BiT Global has raised questions in the community about Justin Sun’s potential influence.

BitGo and Justin Sun Partnership Causes Concerns

BitGo is known as one of the leading crypto custody platforms. The company’s decision to move WBTC to a new multi-jurisdictional custody model has raised concerns in the crypto community, primarily due to the involvement of Justin Sun, the founder of the TRON blockchain. BitGo announced on August 9 that it has begun a 60-day transition period and plans to expand its custody locations to Hong Kong and Singapore.

In response to this development, leading DeFi platform MakerDAO has begun assessing the potential risks of BitGo’s new WBTC custody strategy. The MakerDAO community is reviewing a proposal that aims to reduce all active WBTC debt on the network to zero. The proposal highlights concerns that this new move could give Sun significant leverage over WBTC. It also highlights Sun’s past operational and transparency issues with other crypto projects, such as TUSD and Huobi’s USDT reserves.

Concerns Over Whether Sun Could Manipulate the Market

There have been concerns in the crypto community that Sun could use his influence to print excess WBTC or manipulate reserve data. Bitcoin Magazine writer Alex Bergeron commented on the matter: “BitGo partnering with Justin Sun to audit WBTC is one of the craziest business decisions I’ve ever seen.”

In response, BitGo CEO Mike Belshe responded to these concerns. Belshe noted that the platform’s security architecture protects against any kind of manipulation. He also emphasized that BitGo will not allow any minting without a corresponding BTC investment. “We know the community wants to know if Sun is involved in anything, even if he can’t move funds. That’s why we made sure to make his name clear,” Belshe said. Belshe encouraged the community to conduct a thorough review before making a decision, noting that Sun, despite being involved in the project, does not have the authority to move funds. He added that the WBTC website will continue to provide real-time proof of reserves. Sun explained that his role with WBTC is purely strategic and that he does not have access to the private keys of the reserves, thus not having access to the BTC reserves. He emphasized that his involvement is with the aim of strengthening the critical role of this digital asset in the DeFi ecosystem and increasing decentralization and security protocols.

James Fickel’s Position Closure Attracted Attention

Another notable development in WBTC is related to James Fickel. Fickel, the founder of the Amaranth Foundation, had opened a long position against ETH using DeFi strategies. He borrowed WBTC using ETH as collateral in order to acquire more ETH. However, Fickel recently closed part of his position, raising questions about his belief in ETH. It is thought that this move may have been due to risk management or a change of opinion regarding the recent WBTC news.

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