{"id":36315,"date":"2024-08-20T10:42:37","date_gmt":"2024-08-20T10:42:37","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/whale-accumulates-118m-in-wrapped-bitcoin-wbtc-amid-controversy\/"},"modified":"2024-08-20T10:42:37","modified_gmt":"2024-08-20T10:42:37","slug":"whale-accumulates-118m-in-wrapped-bitcoin-wbtc-amid-controversy","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/whale-accumulates-118m-in-wrapped-bitcoin-wbtc-amid-controversy\/","title":{"rendered":"Whale accumulates $118M in Wrapped Bitcoin (WBTC) amid controversy"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2020\/08\/04-Bitcoin-wrapped-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2020\/08\/04-Bitcoin-wrapped-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2020\/08\/04-Bitcoin-wrapped-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2020\/08\/04-Bitcoin-wrapped-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>The whale acquired 347 Wrapped Bitcoin (WBTC) within just 12 hours on August 19.<\/li>\n<li>BitGo plans to transfer control of WBTC to a joint venture involving itself, BiT Global, and the Tron ecosystem.<\/li>\n<li>Coinbase has hinted at launching its own wrapped Bitcoin token, dubbed \u201ccbBTC.\u201d<\/li>\n<\/ul>\n<p>An unidentified whale has been rapidly accumulating Wrapped Bitcoin (WBTC), amassing over $118 million worth of WBTC in a short span of time.<\/p>\n<p>According to blockchain analytics firm Lookonchain, the unknown wallet has gathered a total of 1,953 WBTC, purchased at an average price of $58,853 per token.<\/p>\n<p>The most recent transaction was particularly notable, with the whale acquiring 347 WBTC \u2014 valued at approximately $16 million \u2014 within just 12 hours on August 19.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A whale accumulated 347 <a href=\"https:\/\/twitter.com\/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$WBTC<\/a>($16M) again 7 hours ago!<\/p>\n<p>Over the past week, this whale has accumulated a total of 1,953 <a href=\"https:\/\/twitter.com\/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$WBTC<\/a>($118M) from <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> at an average price of $58,853.<a href=\"https:\/\/t.co\/XlRBgyL4Tt\">https:\/\/t.co\/XlRBgyL4Tt<\/a> <a href=\"https:\/\/t.co\/g1KRtkK5eY\">pic.twitter.com\/g1KRtkK5eY<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1825699166628290599?ref_src=twsrc%5Etfw\">August 20, 2024<\/a><\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<p>This sudden and significant accumulation has raised eyebrows, especially as it coincides with ongoing debates and controversies surrounding the ownership and management of WBTC.<\/p>\n<h2>BitGo\u2019s plans to transfer control of Wrapped Bitcoin (WBTC)<\/h2>\n<p>The controversy began earlier this month when BitGo, the firm responsible for issuing Wrapped Bitcoin (WBTC), announced plans to transfer control of the token to a joint venture involving itself, Hong Kong-based investment manager BiT Global, and Sun\u2019s Tron ecosystem. This decision has led to heightened scrutiny and concern among major DeFi players.<\/p>\n<p>In response, MakerDAO, a leading decentralized finance protocol, moved quickly to mitigate potential risks associated with WBTC. On August 16, the platform approved a proposal that prohibits borrowing against WBTC collateral on its Sparklend platform.<\/p>\n<p>Similarly, Aave, another major DeFi protocol, is reportedly considering the adoption of an alternative wrapped Bitcoin token, TBTC, offered by Threshold Network.<\/p>\n<p>Amid these developments, speculation is rife about the potential entry of <a href=\"https:\/\/coinjournal.net\/exchanges\/coinbase\/\">Coinbase<\/a> into the wrapped Bitcoin market. The US-based crypto exchange has hinted at launching its own wrapped Bitcoin token, dubbed \u201ccbBTC,\u201d which could further shake up the market.<\/p>\n<p>The mystery whale\u2019s aggressive accumulation of WBTC, in light of these industry shifts, adds a new layer of intrigue to the ongoing narrative in the crypto space.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/whale-accumulates-118m-in-wrapped-bitcoin-wbtc-amid-controversy\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) The whale acquired 347 Wrapped Bitcoin (WBTC) within just 12 hours on August 19. BitGo plans to transfer control of WBTC to a joint venture involving itself, BiT Global, and the Tron ecosystem. Coinbase has hinted at launching its own wrapped [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":36316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36315"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=36315"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/36316"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=36315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=36315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=36315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}