Main Points Related to Bitcoin, web3, Ethereum, and Cryptocurrency:
- Sky (formerly MakerDAO) considering removal of Wrapped Bitcoin from SparkLend due to ties with Justin Sun.
- Controversy around BitGo’s partnership with BitGlobal affecting control of WBTC.
- BA Labs and Sky highlighting risks associated with Sun’s influence on WBTC.
- BitGo CEO defending security protocols in place for WBTC.
Sky Evaluating Removal of Wrapped Bitcoin from SparkLend
Sky, formerly known as MakerDAO, is contemplating the removal of Wrapped Bitcoin (WBTC) as collateral from its decentralized finance platform SparkLend. The decision is based on concerns surrounding the token’s connections to TRON founder Justin Sun.
BitGo’s Partnership and Control of WBTC Impacts
The controversy surrounding BitGo’s partnership with BitGlobal has led to concerns about the control of WBTC, with implications for the decentralized finance ecosystem. Sky and other entities are highlighting the risks associated with Sun’s influence on the token.
BA Labs and Sky’s Cautionary Statements on WBTC
BA Labs and Sky have raised red flags about the involvement of Justin Sun in a new WBTC joint venture, citing potential risks and urging caution. The discussions around custody changes and historical issues with Sun-affiliated products are contributing to increased scrutiny of WBTC.
