Justin Sun: Participating in WBTC is a strategic move aimed at promoting industry decentralization

Odaily News Sun Yuchen said on the social media platform that his personal participation in WBTC is entirely strategic, with the goal of promoting projects dedicated to decentralization, security protocols and security. He also pointed out that he does not personally control the private keys of WBTC reserves, nor can he move any BTC reserves. Regarding the importance of WBTC, Sun Yuchen believes that it is an important part of the DeFi ecosystem and will ensure that it continues to be so. WBTC has not changed from before. Audits are conducted in real time, and the minting process is entirely managed by custodians Bitglobal and BitGo in accordance with the same procedures as before. Earlier news, BitGo tweeted that through a unique partnership and joint venture with BiT Global, its WBTC business will shift to the world's first cross-jurisdictional and cross-institutional custody. The upgrade will be carried out within 60 days without interruption or interruption of services. Subsequently, the relevant partners were disclosed on its official website, and Sun Yuchen was mentioned among the disclosed individual collaborators, which triggered heated discussions in the crypto community. WBTC (Wrapped BTC), also known as wrapped Bitcoin, is an ERC-20 token on the Ethereum blockchain issued by BitGo, supported by a 1:1 peg to Bitcoin. Since its launch in January 2019, WBTC has become one of the largest Bitcoin DeFi applications. Currently, there are 74 WBTC partners, and it already supports Ethereum, TRON, Base, Kava, and Osmosis.