Summary
Ketju does not approve WBTC: BiT Global, a joint venture linked to TRON founder Justin Sun, now holds two of the three custody keys, and BitGo Inc. holds only one. Reports through 2026 confirm that the transfer is complete. In 2024 the major DeFi risk teams called this structure disqualifying, and it is now the live custody setup. WBTC is an ERC-20 minted 1:1 against BTC that authorized custodians hold under a multisig. Only Merchants cleared through KYC can mint or redeem at par, so a retail or adviser position can only be sold on secondary markets. After BitGo proposed the change in August 2024, MakerDAO/Sky voted 88% to offboard WBTC collateral. Aave's risk providers called the concentration "an unacceptable level of risk."
Review triggers
- BitGo Inc. or another US- or EU-regulated custodian independent of BiT Global regains at least 2 of 3 custody keys
- An independent, named proof-of-reserves attestation, not self-reported by BiT Global, confirms 1:1 BTC backing every month
- No confirmed case of BiT Global or an affiliate restricting or delaying redemption for 12 months in a row after the transfer completed
- A major DeFi risk provider that downgraded WBTC in 2024-2026 formally reverses that assessment with published reasoning
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Ethereum
- Instruments
- WBTC
- Reviewed
- Last confirmed