- The whale acquired 347 Wrapped Bitcoin (WBTC) in just 12 hours on August 19.
- BitGo plans to transfer control of WBTC to a joint venture involving itself, BiT Global, and the Tron ecosystem.
- Coinbase has hinted that it will launch its own wrapped Bitcoin token, dubbed “cbBTC.”
An unidentified whale has been rapidly accumulating Wrapped Bitcoin (WBTC), amassing over $118 million worth of WBTC in a short period of time.
According to blockchain analytics firm Lookonchain, the unknown wallet collected a total of 1,953 WBTC, purchased at an average price of $58,853 per token.
The most recent transaction was particularly notable, with the whale acquiring 347 WBTC – valued at around $16 million – in just 12 hours on August 19.
A whale has accumulated 347 $WBTC($16M) just 7 hours ago!
Over the past week, this whale has accumulated a total of 1,953 $WBTC($118 million) of #Binance at an average price of $58,853. pic.twitter.com/g1KRtkK5eY
— Lookonchain (@lookonchain) August 20, 2024
This sudden and significant accumulation has raised eyebrows, especially as it coincides with ongoing debates and controversies surrounding the ownership and management of WBTC.
BitGo’s Plans to Transfer Control of Wrapped Bitcoin (WBTC)
The controversy began earlier this month when BitGo, the company responsible for issuing Wrapped Bitcoin (WBTC), announced its intention to transfer control of the token to a joint venture involving itself, Hong Kong-based investment manager BiT Global, and Sun’s Tron ecosystem. The move has sparked increased attention and concern among major DeFi players.
In response, MakerDAO, a leading decentralized finance protocol, acted quickly to mitigate potential risks associated with WBTC. On August 16, the platform approved a proposal to ban borrowing against WBTC collateral on its Sparklend platform.
Similarly, Aave, another major DeFi protocol, is reportedly considering adopting an alternative wrapped Bitcoin token, TBTC, proposed by Threshold Network.
Amid these developments, speculations are rife about Coinbase’s potential entry into the Wrapped Bitcoin market. The US-based cryptocurrency exchange has hinted at launching its own Wrapped Bitcoin token, dubbed “cbBTC,” which could further shake up the market.
The mysterious whale’s aggressive accumulation of WBTC, in light of these industry changes, adds a new layer of intrigue to the ongoing narrative in the crypto space.
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