Tron (TRX) founder Justin Sun has responded to questions about his connection to Wrapped Bitcoin (WBTC).
“My relationship with WBTC is purely strategic. I do not control the private keys to the WBTC reserves and have no authority to move the BTC reserves,” Justin Sun explained.
Sun emphasized that Wrapped Bitcoin will not be different from the previous version and that audits will be done in real time. He stated that the token production process will be managed by BiT Global and BitGo.
Last week, cryptocurrency custody provider BitGo announced that it would be making some changes to the Wrapped Bitcoin business model. It was stated that the Bitcoin reserves created for WBTC would be moved from the US to regions such as Singapore and Hong Kong.
In the process, BitGo formed a “strategic partnership” with Hong Kong-based BiT Global and Tron founder Justin Sun.
However, Justin Sun’s involvement in the project has raised concerns among cryptocurrency followers, with risk management firm Block Analitica Labs warning that the partnership could be high-risk, citing operational and transparency issues with Sun’s past projects.
Statement from BitGo CEO
BitGo CEO Mike Belshe said concerns about Wrapped Bitcoin were “more of a reaction to Justin Sun’s name than the truth.” Belshe said WBTC’s security protocols were not compromised and the system would continue to operate as usual.
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