• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

Buy Bitcoin with Altcoin Gains? | When is Banana Zone Coming?

2025-08-16

BTC Bombshell 🚨 Targets, Turnarounds & Terminal Debasement

2025-08-15

HUGE Bitcoin & Crypto Breakout Coming in September — Here’s Why

2025-08-15

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    2025-08-11

    What Is Crypto Arbitrage and How to Use It in Trading?

    2025-08-06

    What’s the Difference & Which Is Better to Trade?

    2025-08-01

    Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

    2025-07-31

    What are Decentralized Autonomous Organizations (DAO)? The Pros, Cons, and Real-World Examples

    2025-07-25
  • Videos

    Buy Bitcoin with Altcoin Gains? | When is Banana Zone Coming?

    2025-08-16

    BTC Bombshell 🚨 Targets, Turnarounds & Terminal Debasement

    2025-08-15

    HUGE Bitcoin & Crypto Breakout Coming in September — Here’s Why

    2025-08-15

    Why You Should Own Bitcoin, Not Monero

    2025-08-15

    The next new bottom for BTC is….

    2025-08-15
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»DeFi»Launch of cbBTC, WBTC competitor, sparks Justin Sun hypocrisy
DeFi

Launch of cbBTC, WBTC competitor, sparks Justin Sun hypocrisy

2024-09-12No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Coinbase has decided to take advantage recent controversies surrounding WBTC’s decision to involve Justin Sun to launch its own wrapped bitcoin project, Coinbase Wrapped BTC (cbBTC).

This new token is offered on both Ethereum and Coinbase’s own Base network. Coinbase will treat it as equivalent to normal BTC in its orderbooks, and Coinbase users can obtain cbBTC by withdrawing Bitcoin on either Ethereum or Base, and it will be automatically converted.

Coinbase’s website says that this asset can already be used across the Decentralized Finance (DeFi) ecosystem, including Aerodrome, Curve, Aave, Compound, Spark, and more.

CoinMarketCap indicates that the current marketcap for this token is approximately $100 million.

cbBTC, WBTC, and Bitcoin-on-Tron

Read more: MakerDAO disables WBTC borrows after Justin Sun involvement revealed

cbBTC competitor WBTC has attracted additional scrutiny since announcing that Sun and a custodian he advises, BiT Global, were getting involved with the project.

This announcement initially led some DeFi projects, including Maker, to re-consider how WBTC was treated in the protocol, centering around fears of Sun’s reliability.

Sun has already taken to X to share his disappointment with this new competitor, complaining that cbBTC “lacks Proof of Reserve, no audits, and can freeze anyone’s balance anytime. Essentially, it’s just ‘trust me.’ Any U.S. government subpoena could seize all your BTC. There’s no better representation of central bank Bitcoin than this. It’s a dark day for BTC.”

This is a somewhat ironic stance for Sun to take, considering the Bitcoin on Tron product offered by Poloniex, a cryptocurrency exchange he owns.

See also  Pioneering Regulated and Compliant Liquid Staking for Institutions

Sun had previously promised that Poloniex would have a ‘proof-of-reserves’ but has failed to provide that in the almost two years since that promise was made.

Additionally, Poloniex offers its own version of wrapped bitcoin, commonly described as ‘Bitcoin-on-Tron’, which is substantially larger than WBTC on Tron. Protos has previously reached out to Poloniex to determine where the bitcoins for this product are held, and Poloniex was unwilling to disclose that information.

Despite this troubling lack of disclosure, Sun-advised HTX (formerly Huobi) holds more than half of its current bitcoin reserves in this Poloniex-offered product.

cbBTC Competitor hypocrisy Justin Launch Sparks Sun wBTC
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

New Token Launch? Use These Pro Tips to Win Early

2025-08-01

Solana Revolutionary Launch – Near Instant Finality – Blink of an eye

2025-05-21

GDP Shock Sparks Market Panic – But Bitcoin Holds the Line

2025-04-30

FAILED LAUNCH BUT WE WILL PUMP HARD!!!!

2025-04-16
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Regulation

Japan to push CBDCs, crypto regulation as top agendas for G7

2023-04-13

Japan intends to make central bank digital currencies (CBDC) and cross-border regulation of cryptocurrencies a…

Bitcoin

Timing Bitcoin’s next cycle top as 2024 halving nears

2024-01-29

Projections showed that liquidity would reach a local peak in September 2025. The Bitcoin cycle…

NFT

The Rise, Fall, and Rebirth of the Azurian PFP

2023-04-26

Web3 has seen many instances of Bored Ape holders monetizing their NFTs, taking full advantage…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

Buy Bitcoin with Altcoin Gains? | When is Banana Zone Coming?

2025-08-16

BTC Bombshell 🚨 Targets, Turnarounds & Terminal Debasement

2025-08-15

HUGE Bitcoin & Crypto Breakout Coming in September — Here’s Why

2025-08-15

Why You Should Own Bitcoin, Not Monero

2025-08-15
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 116,168.12
ethereum
Ethereum (ETH) $ 4,334.36
xrp
XRP (XRP) $ 3.01
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 842.13
solana
Solana (SOL) $ 183.52
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 4,322.76
dogecoin
Dogecoin (DOGE) $ 0.223214
cardano
Cardano (ADA) $ 0.912525
bitcoin
Bitcoin (BTC) $ 116,168.12
ethereum
Ethereum (ETH) $ 4,334.36
xrp
XRP (XRP) $ 3.01
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 842.13
solana
Solana (SOL) $ 183.52
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 4,322.76
dogecoin
Dogecoin (DOGE) $ 0.223214
cardano
Cardano (ADA) $ 0.912525