Bitcoin rumor about BlackRock flared up: Coinbase's response was not delayed
Coinbase CEO Brian Armstrong and ETF experts did not delay the response to the rumor that started publishing uncontrollably about BlackRock and Coinbase yesterday.
Yesterday, the rumor that Coinbase did not hold real BTC on behalf of BlackRock, but instead gave IOU, and the two companies suppressed the price of Bitcoin, spread uncontrollably.
IOU, which is the abbreviation of "I owe you" in English, refers to the tokens used to represent the debt to the other party in the crypto world. Allegedly, BlackRock, while receiving billions of dollars of investments in its ETF, holds the IOUs issued by Coinbase instead of real Bitcoin in exchange for these investments.
It started with Justin Sun's sharing
The beginning of the rumor was the post of Tron CEO Justin Sun. Sun criticized Coinbase's recently launched cbBTC token, which was stated to be supported by Bitcoin at a ratio of 1:1. The CEO stated that cbBTC does not have proof of reserve, has not been audited and the balance of any person can be frozen at any time. Sun said, "Essentially, this just means 'trust me'. Any U.S. court can confiscate your BTCs. There can be no better example of central bank Bitcoin than this. It's a dark day for BTC," he said.