Tron (TRX), one of the most talked about names in the cryptocurrency world for years, comes to the fore with Justin Sun's statements and altcoin moves.
Finally, Justin Sun made headlines with his harsh criticism of Coinbase’s Bitcoin counterpart, cbBTC.
Justin Sun, who called cbBTC “central bank Bitcoin,” was skeptical of cbBTC’s transparency and decentralization, particularly arguing that it lacks proof of reserves and auditing.
As discussions on CbBTC continue, Sun once again emphasized that he expects transparency from Coinbase regarding Bitcoin reserves and is expecting a Proof-of-Reserve report from Coinbase.
Pointing out that all exchanges in the industry, including Binance, implement Proof-of-Reserve (PoR), Justin Sun questioned why Coinbase did not implement PoR.
Bloomberg ETF analyst Eric Balchunas said that BlackRock’s involvement in the cbBTC project adds credibility to cbBTC. Blachunas added that BlackRock will not tolerate any mismanagement when it comes to maintaining Bitcoin reserves.
However, Justin Sun argues that Coinbase should be transparent about its Bitcoin reserves and release its Proof-of-Reserve report, stating that all the crypto community needs is transparency, not perfection.
The Tron founder recently stated that relying on auditing firms for security is not enough, as seen in the FTX bankruptcy. Sun also added that being a public company does not provide protection against bankruptcy, and he believes that the implementation of PoR by Coinbase would be the right step.
*This is not investment advice.