**Sky to Offload Wrapped Bitcoin Collateral Following Governance Vote**
Decentralized finance platform Sky, formerly known as Maker, is set to offload its wrapped Bitcoin (WBTC) collateral. A recent governance vote concluded on Sept. 19 with 88.17% approval from the Sky community, endorsing the move. The offloading process will begin on Oct. 3 and conclude on Nov. 28.
Sky's decision follows concerns raised in August about WBTC ownership changes involving Justin Sun, which posed significant counterparty risks. Sky's SparkLend currently holds $61.38 million in WBTC-backed debts.
Sky is exploring alternative wrapped Bitcoin options like Coinbase’s cbBTC and Threshold’s tBTC. Meanwhile, Aave, another DeFi platform, is also considering reducing its WBTC exposure due to similar concerns.