Amid controversy, whales accumulate $118 million in wrapped Bitcoin (WBTC)

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  • The whale amassed 347 Wrapped Bitcoin (WBTC) in simply 12 hours on Aug. 19.
  • BitGo plans to switch custody of WBTC to a three way partnership involving the corporate, BiT International, and the Tron ecosystem.
  • Coinbase has hinted on the launch of its personal wrapped Bitcoin token known as “cbBTC.”

An unidentified whale has been quickly accumulating Wrapped Bitcoin (WBTC), amassing $118 million value of WBTC in a brief time frame.

In line with blockchain analytics agency Lookonchain, the unidentified pockets amassed a complete of 1,953 WBTC, bought at a mean value of $58,853 per token.

The newest transaction was notably notable, because the whale acquired 347 WBTC (value roughly $16 million) in simply 12 hours on Aug. 19.

This sudden and important accumulation has attracted consideration, particularly because it coincides with the continued debate and controversy over the possession and management of WBTC.

BitGo Plans to Switch Custody of Wrapped Bitcoin (WBTC)

The controversy started earlier this month when BitGo, the corporate chargeable for issuing Wrapped Bitcoin (WBTC), introduced plans to switch management of the token to a three way partnership between BitGo, Hong Kong funding administration agency BitGlobal, and Solar's Tron Ecosystem, a choice that has led to elevated scrutiny and concern amongst main DeFi gamers.

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In response, MakerDAO, a number one decentralized finance protocol, acted rapidly to mitigate potential dangers related to WBTC. On August 16, the platform authorized a proposal to ban WBTC-collateralized borrowing on the Sparklend platform.

Equally, Aave, one other main DeFi protocol, is reportedly contemplating adopting TBTC, an alternate wrapped Bitcoin token supplied by Threshold Community.

Amid these developments, speculations are rife about Coinbase's doable entry into the wrapped Bitcoin market, because the U.S.-based crypto trade has hinted at issuing its personal wrapped Bitcoin token, dubbed “cbBTC,” which might additional shake up the market.

Given these business shifts, the lively accumulation of WBTC by the mysterious whale provides one other intriguing ingredient to the continued saga of the cryptocurrency business.

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