On August 9 last year, a press release announced that Justin Sun and Bit Global were involved in Wrapped Bitcoin (WBTC).
It claimed that this new direction would include “the Tron ecosystem, which is the leading blockchain that is currently housing the largest circulating range of USDT -Stablecoins in the world.”
When this announcement was made, Bitcoin had already wrapped a WBTC on Tron product that had been launched in 2021. However, it was rarely used, with About 100 bitcoins (BTC) used in this way.
After the announcement and with the involvement of Sun, Bitcoin made the decision to remove the WBTC on Tron -dashboard from its website, to eliminate disclosure of approved partners and, more importantly, where the BTC support of the product was stored.
Read more: Justin Sun-Recommended HTX has exchanged 7,300 WBTC that it did not announce
More recently, Tronscan no longer shows the WBTC on Tron with the analysis it used to show.
Reviewing the smart contract for WBTC on Tron shows that the most recent transfer for token was more than two months ago on April 15, which shows that it is still not often used.
Moreover, looking up the contract with Tronscan still shows around 100 BTC for this project.
Bitgo, Bit Global, Wrapt Bitcoin and Sun has not announced a specific change in this product, but the changes on Tronscan and the Bitcoin website packaged suggest that it is emphasized.
The lack of transparency that the project now has more in line with the other packed BTC product from Sun offered by its Exchange Poloniex. This also does not reveal where the BTC support of the product is stored.
Proto’s reached Bitgo, bite worldwide and wrapped Bitcoin for clarity about some of these issues related to WBTC on Tron, but they did not respond immediately.
