Summary
Ketju does not approve Bedrock uniBTC: it wraps Bitcoin custody in an upgradeable liquid-restaking token on many chains, and the minting failure that such wrappers risk has already happened to it. In September 2024, a vault function that anyone could call treated ETH as native BTC and minted 30.8 unbacked uniBTC. The flaw was deployed on eight chains and cost about $2M of DEX liquidity. Later audits and Chainlink Proof of Reserve and Secure Mint controls are real fixes, but they do not justify replacing native BTC with a restaking and bridge claim.
Review triggers
- uniBTC completes 24 consecutive months after Secure Mint deployment without a mint, reserve, bridge or redemption incident
- Independent attestations reconcile every uniBTC liability on each chain to reserves and disclose all custodians and encumbrances
- A conversion to native BTC at the proposed size completes within a published service level while secondary liquidity is under stress
- Ketju reviews uniBTC at once after any bypass of the reserve feed, unbacked mint, bridge compromise or redemption pause
Facts
- Verdict
- Not approved
- Type
- Staking
- Chains examined
- Bitcoin, Ethereum, Merlin, BOB, BSC, Mantle, Base, Bitlayer, BSquared, ZetaChain, OP Mainnet, RSK, Mode, Berachain, Arbitrum, Hemi, TAC, Taiko
- Reviewed
- Last confirmed