- Justin Sun clarified that his involvement with WBTC is entirely strategic.
- Sun explained that he does not control the private keys to WBTC reserves.
- Bitgo has partnered with Sun and the Tron ecosystem in WBTC management.
Tron founder Justin Sun has clarified that his involvement with WBTC is entirely strategic. Sun took to X on Saturday, explaining that he does not control the private keys to WBTC reserves and cannot move any BTC reserves.
According to Sun, his level of involvement in blockchain projects varies, and he would like to discuss the situation for proper understanding. However, he noted that his primary goal in all the projects he is involved with is to promote them. He stated that he focuses on projects dedicated to decentralization, security protocols, and safety, highlighting that WBTC is a critical part of the DeFi ecosystem, and he looks forward to ensuring it continues.
Sun’s clarification became necessary following the community’s crypto community’s concerns over his simultaneous involvement with several projects. Per WBTC, the Tron founder highlighted a few salient points to confirm there have been no changes to WBTC compared to before.
Sun noted that WBTC audits are conducted in real-time and can be accessed via wbtc.network. He clarified that the custodians, BiT Global and Bitgo, manage the minting process following the existing procedures. Sun explained that BiT Global and Bitgo will not sign any unaudited transactions, and the WBTC keys are still safeguarded using the same Bitgo cold wallet technology and offline keys, with backups in multiple countries and regions.
On Friday, Bitgo announced plans to transfer control of the WBTC product to a joint venture with BiT Global. The digital asset trust company explained that the fresh development will split custody across multiple jurisdictions, including Hong Kong and Singapore.
Bitgo noted that the change implements a partnership with Sun and the Tron ecosystem. As such, Bitgo inferred that Sun would have significant influence or control over the joint venture managing WBTC.
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