The WBTC Drama

Control of Wrapped Bitcoin (WBTC) moved toward BiT Global after BitGo announced a partnership on 9 August 2024, raising centralisation and security concerns. Under the arrangement, BiT Global was to control two of three keys in WBTC's multisig wallet, and a later proposal said BitGo would keep two keys, though concerns about Justin Sun's involvement persist. BiT Global cited Hong Kong's 20% shareholder limit, but all five listed shareholders share one British Virgin Islands address. Falling minting and redeeming fees are presented as a likely reason for BitGo's decision, and tBTC from Threshold Network is offered as a trust-minimised alternative.