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Hold onto your hats, folks! There's a bit of drama unfolding in the world of crypto. Our beloved Wrapped Bitcoin (wBTC) is in the spotlight after Coinbase decided to give it the boot by the end of the year. That's right, Coinbase plans to delist wBTC, and the wBTC team is not taking it lightly.

In a twist that could rival any soap opera, the wBTC team expressed their shock and disappointment over Coinbase's decision. They took to social media, urging the crypto giant to have a change of heart and keep the wBTC party going. They highlighted their token as a decentralized superstar, boasting innovative mechanisms and top-notch governance that make it a transparent wrapped Bitcoin product.

The team didn't stop there. They emphasized their strict adherence to custody processes, on-chain verifiability, and regulatory compliance. They even pointed out their active communication and cooperation with due diligence processes, including those involving Coinbase. Talk about playing by the rules!

The drama began when Coinbase announced it would halt trading for wBTC on December 19th, 2024. As part of this decision, Coinbase shifted wBTC order books to a limit-only mode, allowing users to place and cancel orders while still enabling token transfers post-delisting. The move, described by Coinbase as a standard asset review, has stirred up a storm of criticism due to its lack of transparency.

The crypto community is buzzing with speculation, with some alleging that Coinbase is playing favorites with its own tokenized Bitcoin, cbBTC, which has a balance freezing feature that wBTC lacks. Critics argue this move stifles competition and dismiss Coinbase's vague customer protection justifications.

To add more spice to the mix, an older statement by BitGo CEO Mike Belshe has resurfaced, fueling the debate. He pointed out that unlike stablecoins, wBTC doesn't have a freeze function in its smart contracts, raising questions about the intentions behind such features.

But wait, there's more! This isn't the first time wBTC has found itself under scrutiny. Earlier this year, Tron founder Justin Sun reportedly gained influence over the wBTC protocol after BitGo, its primary custodian, formed a joint venture with BiT Global. This strategic shift raised eyebrows and led to responses like MakerDAO limiting DAI minting with wBTC as collateral and Aave keeping a watchful eye on the situation.

So, will Coinbase reconsider and keep wBTC in its lineup? Will the crypto community's concerns be addressed? Only time will tell, but one thing's for sure – in the world of crypto, there's never a dull moment!

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