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Justin Sun clarified his involvement with WBTC as purely strategic.
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Sun said that he did not have the private keys for WBTC’s reserves.
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Bitgo has partnered up with Sun and Tron to manage WBTC.
Justin Sun, founder of Tron, has clarified his involvement with WBTC as purely strategic. Sun explained on Saturday that he did not have the private keys for WBTC reserves, and could not move any BTC.
Sun said that his involvement in blockchain projects is varied, and he wants to discuss it to ensure a proper understanding. He did note that his primary goal with all the projects he’s involved in is to promote them. He said that he is focused on projects that promote decentralization, safety protocols, and security protocols. He highlighted that WBTC was a crucial part of the DeFi eco-system, and that he looks forward in ensuring that it continues.
Sun’s clarification was necessary after the crypto community expressed concerns about his involvement in multiple projects at once. According to WBTC’s report, the Tron co-founder highlighted a few key points to confirm that WBTC has not changed since before.
Sun pointed out that WBTC audits can be accessed in real-time via wbtc.network. He clarified the fact that Bitglobal and Bitgo manage the minting processes according to the existing procedures. Sun explained that Bitglobal will not sign unaudited transactions and the WBTC key is still safeguarded by Bitgo using the same cold wallet technology with offline keys and backups in multiple nations.
Bitgo announced on Friday that it would transfer control of its WBTC product into a joint venture between BiT Global and Bitgo. The digital asset trust company explained the new development will split custody over multiple jurisdictions including Hong Kong and Singapore.
Bitgo noted that this change implements a relationship with Sun and Tron’s ecosystem. Bitgo inferred, therefore, that Sun would have a significant influence or control over WBTC’s joint venture.
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