According to Cointelegraph: An unknown crypto whale has been making headlines after accumulating a substantial amount of Wrapped Bitcoin (WBTC) amid ongoing debates surrounding the token’s ownership structure. According to blockchain analytics service Lookonchain, the mysterious wallet address has amassed more than $118 million worth of WBTC over the past week.
In a post on August 19, Lookonchain revealed that the whale had purchased over 347 WBTC, valued at $16 million, within just 12 hours. This latest acquisition brings the total holdings of the wallet to 1,953 WBTC, accumulated at an average price of $58,853 per token.
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This significant buying spree occurs against the backdrop of ongoing controversy involving the control and management of Wrapped Bitcoin. On August 9, BitGo, the team behind WBTC, announced plans to transfer control over the token to a joint venture involving itself, Hong Kong-based investment manager BiT Global, and the Tron ecosystem, led by Justin Sun.
The decision has sparked concern in the crypto community, leading to actions by prominent DeFi platforms. On August 10, crypto risk management firm Block Analitica (BA) submitted a proposal on MakerDAO’s governance forum, urging the protocol to halt new WBTC debts and prevent additional borrowing against WBTC as collateral. Just days later, on August 16, MakerDAO approved and implemented this proposal, effectively banning the borrowing of WBTC on its Sparklend platform.
In a related development, lending giant Aave is reportedly considering a proposal to offer an alternative wrapped Bitcoin token, Threshold Network’s TBTC, instead of WBTC for borrowing and lending purposes.
Adding to the intrigue, U.S. crypto exchange Coinbase recently hinted at the potential launch of a new product called “cbBTC,” fueling speculation that the exchange may be preparing to introduce its own version of a wrapped Bitcoin token. According to Rena Shah, COO of Bitcoin software firm Trust Machines, this new token could play a crucial role in expanding the adoption of Bitcoin-native DeFi.
“The opportunity for cbBTC, based solely on current Coinbase users, is a massive onboarding opportunity for Bitcoin DeFi,” Shah told Cointelegraph.
As the debate over WBTC’s future continues, the actions of this unknown whale have raised eyebrows, suggesting that some investors see value in the token despite the surrounding controversy.