MakerDAO, a prominent player in the decentralized finance (DeFi) sector, is assessing the impact of the upcoming Wrapped Bitcoin (WBTC) custody shifts on its risk management framework.
Due to BitGo, a major WBTC custodian, recent statement that it would transfer the control of the product to a new joint venture with BiT Global, the governance-focused DAO has adopted a rather conservative approach.
MakerDAO Flags Risks Justin Sun’s Role
MakerDAO is considering several measures to minimize risks related to changes in Wrapped Bitcoin custody. This review follows an update from BitGo, the current custodian of the product, on the transfer of control and operational jurisdictions.
This change is partly due to collaboration with Justin Sun and the Tron ecosystem, which now will bring Sun’s level of control and influence over the joint venture that will regulate WBTC. Since Sun has had previous associations with other crypto projects, including TUSD and Huobi’s USDT reserves, which fa
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