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Home»ADOPTION NEWS»MakerDAO Halts New WBTC-Backed Loans Amid BitGo Concerns
ADOPTION NEWS

MakerDAO Halts New WBTC-Backed Loans Amid BitGo Concerns

By Crypto FlexsAugust 16, 20242 Mins Read
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MakerDAO Halts New WBTC-Backed Loans Amid BitGo Concerns
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Crypto Ecosystems • August 16, 2024 1:04 AM EDT

Posted 1 minute earlier ~ in

Updated: August 16, 2024 1:09 AM EDT

MakerDAO participants can hold wrapped bitcoin (or (main)

+0.092%
), the collateral was approved.

MakerDAO governance has approved an executive vote to lower the WBTC debt ceiling to zero. die

+0.065%
— Prohibits new loans collateralized with WBTC collateral. Also, the loan-to-value ratio (LTV) of WBTC is set to 0%. In particular, MakerDAO allows users to mint DAI stablecoin as over-collateralized loans.

This adjustment will not affect existing loans supported by WBTC, as the liquidation threshold will not change.

The risk parameter adjustment for WBTC comes after Bitgo, the developer and custodian of WBTC, announced a partnership with BiT Global (linked to Tron founder Justin Sun) to manage WBTC custody, shifting custody from the US to multiple jurisdictions including Hong Kong and Singapore.

This development, influenced by Sun’s controversial reputation and potential centralization of control, raised security concerns among MakerDAO contributors, resulting in the change. In his defense, BitGo CEO Mike Belshe emphasized the company’s commitment to security and the legal oversight of BitGo and BiT Global.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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