**News Flash: Wrapped Bitcoin on Aave Hits All-Time High Amid Backing Concerns**

Wrapped Bitcoin (WBTC) supply on Aave has reached a record high, surpassing 37,000 tokens on the Ethereum network, valued at over $2 billion. This milestone comes despite growing skepticism about the safety of the Bitcoin backing WBTC.

Recent controversies include BitGo granting partial control of WBTC’s multisignature wallet to Hong Kong-based BiT Global, raising concerns about potential misappropriation linked to Justin Sun. In response, Sky (formerly Maker) considered removing WBTC but paused the decision after assurances from BitGo.

21.co plans to integrate Chainlink’s proof of reserve to address these concerns, while Coinbase has committed to reimbursing clients if underlying Bitcoin is lost. Despite the controversies, WBTC remains the most popular Bitcoin wrapper with over $9 billion in total value locked.