Defi Adjustments Follow WBTC Custody Update; Bitgo CEO Dismisses Issues

Bitgo recently announced a change in its WBTC custody structure, moving to a joint venture with Bit Global to diversify and decentralize custody across Singapore and Hong Kong. 

This shift has sparked concern in the DeFi community due to Justin Sun’s involvement, as Sun’s association with the venture has raised fears despite Bitgo’s assurances of maintaining the same custody solutions and audit procedures. Bitgo CEO Mike Belshe downplayed these concerns, attributing them to Sun’s name rather than technical issues. 

Sun clarified that his role is strategic, with no control over private keys or BTC reserves, ensuring that the audit system and procedures remain unchanged.

Clever Robot News Desk 13^th August 2024