In response to growing concerns within the cryptocurrency community, blockchain industry figure Justin Sun has released a statement announcing his involvement in various projects, including Wrapped Bitcoin (WBTC).
“Recently, I have heard that the community has raised some concerns about my involvement in various projects, including WBTC,” Sun began his speech. “I would like to clarify the following: There has been no change in WBTC compared to before. Audits are conducted in real time and are accessible via the WBTC network,” he said.
Sun emphasized that WBTC’s minting process continues to be fully managed by custodians Bitglobal and Bitgo, adhering to the same procedures as before. “Simply put, Bitglobal and Bitgo will not sign any unaudited transactions. The keys are still protected using the same Bitgo cold wallet technology and offline keys, and have backups in multiple countries and regions,” he said.
Addressing concerns over his personal control over WBTC, Sun said, “My personal involvement in WBTC is purely strategic. I do not control the private keys to the WBTC reserves and cannot move any BTC reserves.”
Sun expressed his desire to provide transparency regarding his level of involvement in various projects. “I would like to discuss the actual situation regarding my involvement in projects in detail so that everyone can understand me better. My level of involvement in different projects varies,” he said.
*This is not investment advice.
