The actual impact of rumors is geometrical, and WBTC remains closely anchored after the architectural adjustments

Recently, BitGo announced a unique partnership and joint venture with BiT Global, transforming its WBTC business into the world's first cross-jurisdictional and cross-institutional custody service. While this is a routine collaboration within the industry, it has attracted attention due to the connection between BiT Global and Sun Yuchen.

According to the announcement, this collaboration will enhance the security of WBTC operations by decentralizing the custody jurisdictions and locations of the underlying Bitcoin (which was previously held in the United States). WBTC is the de facto standard for integrating Bitcoin into an increasing number of DeFi applications across blockchains, meeting the needs of global users. After the upgrade, WBTC operations will diversify in terms of geography and jurisdiction, including Hong Kong and Singapore.

According to official disclosures, the project maintains a high level of transparency, allowing users to monitor the real-time reserve status of the project through a public website at any time. The only change is that keys can now be distributed across multiple locations globally, further enhancing the project's security.

However, due to BiT Global's relationship with TRON and Sun Yuchen, some uninformed individuals have pointed fingers at Sun Yuchen, attempting to create FUD.

In response, Sun Yuchen stated directly, "There is no change to WBTC compared to before. Audits are conducted in real-time and can be accessed at http://wbtc.network. The minting process is entirely managed by custodians Bitglobal and Bitgo according to previous procedures. In simple terms, Bitglobal and Bitgo will not sign any unaudited transactions."

In short, Sun Yuchen's involvement with WBTC is purely strategic. Contrary to the misunderstanding of a few, Sun Yuchen places great importance on the decentralization of crypto projects. He believes that BitGo's pursuit of operational platform diversification will make WBTC more decentralized and international, allowing the community to further become the leader and promoter of the DeFi ecosystem.

Regarding the rumors circulating in the community about MakerDAO initiating a new proposal to close WBTC lending and reduce Spark's WBTC lending ratio to 0, this is also false information. According to information on the MakerDAO official website, the so-called "proposal" is merely a discussion post by community members and does not contain any voting content, nor does it represent the official stance.

It is important to note that, according to data from Dune Analytics, over 41% of WBTC is currently used in the lending ecosystem, with MakerDAO being the primary application scenario (i.e., the liquidity provider). As one of the crucial sources of liquidity within the protocol, the MakerDAO community would not recklessly close WBTC lending services based on unfounded speculation.

As BitGo CEO Mike Belshe stated, "This seems more like a reaction to Sun Yuchen's name rather than a reaction to the facts." Mike Belshe further pointed out, "BiT Global, as a licensed custodian, has a complete team system for customer account management, and they are obligated to properly safeguard assets in accordance with regulatory compliance requirements."

In a recent X Space discussion hosted by Jupiter co-founder Meow, Mike Belshe also addressed community concerns raised by the BiT Global partnership project. He stated that although BiT Global is relatively new as a custodian, it has strict fiduciary duties as a licensed institution, while BitGo will continue to participate in transaction co-signing to ensure the legality of the minting and burning processes.

In fact, based on the asset proof provided by the WBTC official website and market dynamics analysis, since the occurrence of the FUD event, WBTC's market value has not shown significant fluctuations and continues to closely track BTC's price movements. Despite heated discussions and rampant rumors within the community, actual participants and traders of WBTC have not been affected by the FUD, demonstrating strong confidence in the project.

Although FUD is inevitably present, WBTC's transparency remains at a high level, allowing users to monitor the project's reserve status in real-time. The initiative to distribute keys to multiple global locations further enhances the project's security. The auditing process will continue to ensure that the minting process is strictly executed according to established procedures. Therefore, WBTC remains safe and reliable after the structural adjustments, continuing to provide users with a trusted basis for liquidity.