On August 9, BitGo introduced that it was transitioning Wrapped Bitcoin (WBTC) to a brand new “strategic partnership between BitGo, Justin Sun, and the Tron Ecosystem.”
The announcement continued that this companion would would “continue to provide real-time proof-of-reserves.”
Regardless of particularly referencing the Tron ecosystem and promising that real-time proof-of-reserves would additionally proceed, WBTC on TRON, in addition to WETH on TRON, have been faraway from the WBTC dashboard, that means the proof-of-reserves for this token is not accessible.
The dashboard not contains WBTC on Tron however nonetheless options the variations on Ethereum, Base, Kava, and Osmosis.
An on-chain overview of WBTC on Tron doesn’t present any substantial adjustments within the provide just lately. Nevertheless, it’s not at present doable to confirm the BTC that’s meant to collateralize these tokens.
Learn extra: Coinbase to delist WBTC months after Justin Solar controversy
These adjustments to WBTC come fast on the heels of Solar-advised HTX redeeming 1000’s of WBTC it hadn’t beforehand disclosed.
It’s not clear why WBTC made this alteration, particularly because it continues to promote on its homepage that it’s “Completely transparent. 100% verifiable.”
This modification to not disclosing its backing brings WBTC on Tron in step with Solar-owned Poloniex’s BTC on Tron product. This product is roughly 1,000 occasions bigger than WBTC on Tron, makes up a large portion of all BTC on HTX, and doesn’t disclose the place the backing is held.
Protos has reached out to BitGo, BiT International, WBTC, and Justin Solar however none responded instantly to questions on why these merchandise had been faraway from the web site.
Acquired a tip? Ship us an e-mail or ProtonMail. For extra knowledgeable information, observe us on X, Instagram, Bluesky, and Google Information, or subscribe to our YouTube channel.