MakerDAO disables WBTC borrows after Justin Sun involvement revealed
4:35 PM • Aug 16, 2024
#BitGo, #Justin Sun, #MakerDAO, #WBTCby #Protos
- MakerDAO, the lending protocol that operates the popular Dai stablecoin, has passed an executive vote that will disable future borrows against wrapped bitcoin (WBTC) after it was announced the asset was transitioning to a new joint venture that would involve BiT Global, BitGo, and Justin Sun.
Other artcles:
Crypto investors redeem over $30 million WBTC as MakerDAO halts new loans
MakerDAO, the decentralized autonomous organization behind the DeFi protocol Maker, has approved a proposal to halt new borrowing against BitGo’s wrapped Bitcoin (WBTC).
On Aug. 15, MakerDAO revealed that it was reducing the debt ceiling for all WBTC vaults to zero. This move effectively prevents any new borrowing from these vaults and lowers WBTC’s loan-to-value (LTV) ratio on SparkLend to 0%.
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