"WBTC Faces Critical Damage Due to Justin Sun Association"
JH Kim
Summary
- The Bitcoin Builder Association assessed that WBTC is suffering critical damage due to its association with Justin Sun.
- Coinbase delisted WBTC due to centralization concerns, which has increased market worries.
- The current supply of WBTC has decreased to 0.74% of Bitcoin's circulation, indicating a clear decline in supply.
According to CoinDesk, a cryptocurrency-focused media outlet, the Bitcoin Builder Association (BBA) reported that the wrapped Bitcoin token, Wrapped Bitcoin (WBTC), is suffering critical damage not due to a flaw, but merely because of its association with Justin Sun, the founder of TRON (TRX).
Previously, Coinbase delisted WBTC citing concerns over centralization due to its association with Justin Sun.
The BBA noted, "Signs of growing centralization concerns regarding WBTC are emerging everywhere," and explained, "Two years ago, the supply of WBTC was at 1.5% of Bitcoin's circulation, but it has now fallen to 0.74%."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
