🚀 BitGo Teams Up with BiT Global for WBTC, Faces Backlash Over Justin Sun 🌐

BitGo, a leading cryptocurrency custody platform, has announced a new joint venture with Hong Kong-based BiT Global to manage its Wrapped Bitcoin (WBTC) business. The move aims to bolster security through a multi-jurisdictional and multi-institutional custody structure. However, the partnership has sparked controversy due to the involvement of the polarizing crypto figure, Justin Sun.

BitGo CEO Mike Belshe confirmed Sun's role but emphasized that Sun lacks the authority to move any funds unilaterally. Despite this, the crypto community has raised concerns, particularly MakerDAO, which flagged Sun's involvement as a significant risk.

Belshe responded, suggesting the backlash is more about Sun's reputation than actual risk. Sun also clarified his role, stating he does not control the private keys to the WBTC reserves and that the minting process remains unchanged.

Stay tuned as the crypto world watches how this partnership unfolds! 🌟