Turbulence in the cryptocurrency circle: the transfer of WBTC control

Bitcoin is under pressure, and the WBTC market is volatile. BitGOB plans to transfer the control of WBTC to BitGlobal (controlled by Justin Sun). The market is full of distrust of Justin Sun, and a sell-off is ready to start. The MakerDAO community even dropped a bombshell, proposing to clear WBTC from the collateral warehouse. As a DeFi giant, this move shocked the industry. Maker manages nearly $5 billion in assets, and WBTC is the largest BTC cross-chain asset on Ethereum, with a value of over $10 billion.

Sun Yuchen's past operations have aroused public anger. After the control of TUSD changed hands, operational transparency dropped sharply, the management team was turbulent, the proof of reserves was suspended, the redemption service was interrupted, and trust crises occurred frequently. Other related projects also have the risk of misappropriation, such as stUSDT replacing Huobi USDT. The RWA project behind it claims to hold US debt but has not been publicly audited, which has exacerbated market concerns.

Sun Yuchen's control of the new WBTC joint venture is considered an unbearable risk. If WBTC loses its anchor, it will affect many DeFi and L2 projects, just like a cluster bomb, with unpredictable consequences. The market is paying close attention and waiting for the development of the situation.

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