BitGo CEO responds to WBTC project controversy, willing to assist Maker DAO with due diligence to alleviate community concerns
ChainCatcher news, BitGo previously announced that it would become a minority shareholder in the newly established joint venture with Hong Kong's BiT Global, providing "multi-jurisdictional and multi-institutional custody" for the WBTC business. The company also described this move as a "strategic partnership" between BitGo and Tron founder Justin Sun.Justin Sun's involvement in the joint venture has a 60-day transition period, which has led Maker DAO's risk management team, Block Analitica Labs, to propose preventing new loans using WBTC as collateral on Maker's governance forum. BA Labs co-founder Monetsupply wrote, "Overall, we find Justin Sun's position as the controlling shareholder of the newly established WBTC joint venture to be an unacceptable risk."BitGo CEO Mike Belshe downplayed the impact of Justin Sun's involvement in the joint venture during an interview, emphasizing BitGo's long-term commitment to security, "BiT Global has a whole team managing multiple client accounts, and they are responsible for safeguarding them. They cannot lend out funds or arbitrarily hand over funds to Justin Sun, me, or anyone else, or they would be breaking the law and going to jail. In terms of certification, we have always had wbtc.network, and that will continue to operate." Regarding Maker DAO, Belshe stated he is willing to assist with due diligence to alleviate any concerns.
