Tron’s Justin Sun Clarifies Involvement in WBTC and Other Projects

In response to speculation in the crypto space regarding his involvement in several decentralized projects, particularly Wrapped Bitcoin (WBTC), Tron’s founder, Justin Sun, has come forward to clarify his role. Sun emphasized that there have been no changes to WBTC’s operations compared to how it has functioned in the past

In his statement, Sun clarified that his role in decentralized projects like WBTC is more strategic rather than involving any control over “private keys to the WBTC reserves.” He felt it was necessary to address these concerns after community members raised questions about his involvement.

Sun assured that WBTC continues to operate under the same procedures as before. The decentralized project is audited in real-time, with all audit data accessible via the WBTC network. Additionally, Sun noted that any unaudited transactions would not be signed by BitGo and the entire minting process for the cryptocurrency remains unchanged.

The Tron co-founder further emphasized that his involvement does not grant him the ability to move any BTC reserves, as he does not control the private keys to the WBTC reserves. He explained that the keys are secured using the same BitGo cold wallet technology and offline keys, with backups in multiple countries and regions.

Sun reiterated his commitment to promoting projects like WBTC within the decentralized finance ecosystem, particularly those focused on “decentralization, security protocols, and safety.”

MakerDAO Raises Concerns Over Justin Sun’s Involvement in WBTC

Following the collaboration between Justin Sun and the Tron ecosystem, BitGo announced the transfer of WBTC control and operational jurisdictions. This led to speculation that Sun might gain the ability to influence and regulate WBTC. In response, MakerDAO announced that it would evaluate the impact of WBTC custody changes on its risk management framework.

Previously, Justin Sun’s involvement in projects like TUSD and Huobi’s USDT reserves allegedly led to operational and transparency issues. Consequently, MakerDAO has outlined plans to mitigate any potential risks arising from these changes.