<div id="bsf_rt_marker">
<p>Wrapped Bitcoin (WBTC), a widely-used ERC-20 version of Bitcoin that is also available on various other chains, has experienced a slight reduction in its supply following the announcement of Justin Sun’s involvement.</p>
<p>A Dune analytics dashboard <a href="https://dune.com/21co/wbtc" target="_blank" rel="noreferrer noopener">developed</a> by 21.co, which tracks WBTC's supply on Ethereum, indicates that the supply has <a href="https://twitter.com/joeygcamp/status/1848398854963470809?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1848398854963470809%7Ctwgr%5Ed7de3e372588f095b38f78229a2f0d4d880b185d%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fprotos.com%2F%3Fp%3D78155" target="_blank" rel="noreferrer noopener">declined</a> by 3.7% in the past month.</p>
<p>The most significant burns over the last month appear to have occurred from Coinlist, FalconX, and Abra.</p>
<figure class="wp-block-image size-large"><a href="https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2024/10/22170601/Screenshot-2024-10-22-at-16.34.58.png" data-lbwps-width="3184" data-lbwps-height="826" data-lbwps-srcsmall="https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2024/10/22170601/Screenshot-2024-10-22-at-16.34.58.png"><img decoding="async" loading="lazy" width="1024" height="266" src="https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2024/10/22170601/Screenshot-2024-10-22-at-16.34.58-1024x266.png" alt="" class="wp-image-78169" srcset="https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2024/10/22170601/Screenshot-2024-10-22-at-16.34.58-1024x266.png 1024w, https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2024/10/22170601/Screenshot-2024-10-22-at-16.34.58-300x78.png 300w, https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2024/10/22170601/Screenshot-2024-10-22-at-16.34.58-768x199.png 768w, https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2024/10/22170601/Screenshot-2024-10-22-at-16.34.58-1536x398.png 1536w, https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2024/10/22170601/Screenshot-2024-10-22-at-16.34.58-2048x531.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px"/></a><figcaption class="wp-element-caption">Dune analytics dashboard, <a href="https://dune.com/21co/wbtc" target="_blank" rel="noreferrer noopener">courtesy</a> of 21.co.</figcaption></figure>
<h2 class="wp-block-heading" id="h-justin-sun-s-role">Justin Sun’s Involvement</h2>
<p>WBTC has garnered significantly more attention since it announced the transfer of custody of Bitcoin for the token from BitGo to a joint venture involving BitGo, BiT Global, and Sun.</p>
<p>Among the BiT Global directors is Yiying Jiang, an executive who has previously collaborated with Sun on projects related to <strong>BitTorrent, Poloniex, Huobi, TRON, and TrueUSD</strong>.</p>
<p>This move led MakerDAO to restrict the issuance of new Dai, its native token, by borrowing against WBTC, although this decision was later <a href="https://vote.makerdao.com/executive/template-executive-vote-stability-scope-parameter-changes-lite-psm-usdc-a-phase-3-final-setup-aave-lido-market-spark-usds-ddm-activation-wbtc-legacy-vaults-parameter-changes-october-4-2024" target="_blank" rel="noreferrer noopener">retracted</a>.</p>
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><p>
</p></figure>
<p><em>Read more: Launch of cbBTC, WBTC competitor, raises questions about Justin Sun’s approach</em></p>
<h2 class="wp-block-heading" id="h-new-competitors">Emerging Competitors</h2>
<p>Other companies have seized this opportunity to promote alternative products or modifications to existing offerings.</p>
<p>Threshold Network, the organization behind tBTC, once suggested a merger with WBTC — a proposition that was <strong>unlikely to ever take place</strong>.</p>
<p>Coinbase has introduced Coinbase Wrapped BTC (cbBTC), a token that has drawn criticism from Sun regarding its lack of proof of reserves.</p>
<p>Kraken has used this occasion to <a href="https://www.coindesk.com/business/2024/10/17/crypto-exchange-kraken-launches-wrapped-bitcoin-token-kbtc/" target="_blank" rel="noreferrer noopener">introduce</a> its own wrapped Bitcoin token, kBTC; however, none of these new tokens have achieved significant adoption compared to WBTC.</p>
<p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on <a href="https://twitter.com/protos" target="_blank" rel="noreferrer noopener">X</a>, <a href="https://www.instagram.com/protosmedia/" target="_blank" rel="noreferrer noopener">Instagram</a>, <a href="https://bsky.app/profile/protos.bsky.social" target="_blank" rel="noreferrer noopener">Bluesky</a>, and <a href="https://news.google.com/publications/CAAqBwgKMLmroQsw0bW5Aw" target="_blank" rel="noreferrer noopener">Google News</a>, or subscribe to our <a href="https://youtube.com/protosmedia" target="_blank" rel="noreferrer noopener">YouTube</a> channel.</em></p>
</div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><script async src="//www.instagram.com/embed.js"></script>WBTC Supply Shrinks Amid Justin Sun Custody Controversy[embed]https://www.youtube.com/watch?v=3DrsDUMpfiE[/embed]
Leave a comment
