The change of control over WBTC has increased Justin Sun’s influence and it is stated that this situation may pose serious risks to the Maker protocol. In this context, it is stated that risks should be reduced in WBTC collateral integrations.

On August 9, Bitgo announced that it would transfer control of its WBTC product to BiT Global in a partnership. This new arrangement showed that Justin Sun would gain significant influence through the Tron ecosystem. The negative developments in the stablecoin TUSD raised concerns about the projects under Sun’s control, and it was reported that WBTC’s risk level had increased unacceptably with this new partnership. The failure of Bitgo’s planned acquisition with Galaxy Digital and the unexpected withdrawal from the WBTC product indicate that the company is experiencing financial difficulties. It is emphasized that this situation creates a negative picture in terms of counterparty risk. In particular, the critical role of WBTC collateral in the DeFi ecosystem makes these risks even more significant.

Proposed Emergency Measures for WBTC Collateral

BA Labs is recommending immediate measures for Maker and SparkLend due to the increased risk of WBTC collateral integrations. These measures include resetting the maximum collateral limits for WBTC-A, WBTC-B, and WBTC-C, halting WBTC borrowing, and reducing WBTC’s LTV ratio to zero. These measures aim to protect the protocol from potential risks that may arise from the new partnership controlled by Justin Sun.

As of August 11, according to ai_9684xtpa monitoring data, WBTC currently supports Ethereum, Base, Kave, Osmosis, and Tron networks. Among these networks, Ethereum mainnet stands out with a high rate of 99.8%. As of today, 154,726 WBTC (worth about $9.45 billion) have been minted, which is 0.78% of Bitcoin’s total market cap. According to Dune panel data, more than 41% of WBTC is currently used in the lending ecosystem, with the majority of this usage being driven by MakerDAO. Approximately 32% of WBTC is used for direct transactions.

WBTC (Wrapped Bitcoin) is an ERC20 token issued on the Ethereum network, and its value is tied to Bitcoin in a one-to-one ratio. For every WBTC, one Bitcoin is held as a reserve. These reserves are currently held by a custodian managed by Bitgo, allowing WBTC holders to convert their WBTC into Bitcoin at any time. WBTC was first proposed in 2017 and officially launched with a white paper published in 2019. As of 2020, the amount of locked BTC exceeded $2.1 billion, making WBTC an important “bridge” between Bitcoin and Ethereum.

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