Altcoin Allegedly in the Hands of Justin Sun Raises Concern

Bitcoinsistemi2024/08/11 18:03

By:Mete Demiralp

Some security concerns for the altcoin, which is allegedly under the management of Justin Sun, were shared by MakerDAO.

According to the latest information, digital asset custody and security company BitGo reported that all operations of Wrapped Bitcoin (WBTC) have been transferred to Justin Sun and TRON ecosystem affiliate BiT Global.

“BitGo is pleased to announce that its WBTC business has migrated to the world’s first multi-jurisdictional and multi-institutional custody platform through a unique partnership and joint venture with BiT Global. This upgrade will occur within 60 days from today, with no interruption or disruption to service. WBTC customers will continue to enjoy the same quality of service that WBTC has provided to the community since 2019,” BitGo shared on Twitter.

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However, the transition is not without concerns. Following BitGo’s announcement, MakerDAO’s Risk Management Team recommended that WBTC be removed from the system if new integrations with BiT Global fail to meet security standards. This recommendation was discussed at a recent governance forum, underlining the need for a thorough evaluation of the updated custody arrangements to ensure they meet the stringent security and reliability criteria demanded by MakerDAO.

*Not an investment recommendation.

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