DeFi Protocol Threshold Proposes Merger with WBTC to Prevent Takeover by Justin Sun

The involvement of Justin Sun has raised alarms within the community

The decentralized finance (DeFi) protocol Threshold has proposed a merger between its Bitcoin wrapper token, tBTC, and Wrapped Bitcoin (WBTC) to prevent a potential takeover by Justin Sun.

The proposal, introduced on August 29, aims to safeguard WBTC following concerns over a possible shift in control of the widely used Bitcoin wrapper.

The concerns stem from a recent announcement by BitGo, the custodian managing the Bitcoin reserves backing WBTC.