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Justin Sun’s Latest Scheme Implodes: Sky Drops Wrapped Bitcoin Like It’s Hot Trash, Because Let’s Face It, Who Needs That Much Drama?

Crypto NewsDeFiRegulation/Negotiation Doug Martinez September 16, 2024

A illustration depicting a sinking ship labeled 'Sky' (formerly Maker) being dragged underwater by an anchor marked with Justin Sun's face. Wrapped Bitcoin tokens are scattered around the wreckage, while flames and smoke rise from the surface above.

It looks like Justin Sun’s latest scheme has bitten him back… or should I say, his Wrapped Bitcoin (WBTC) variant is about to get a nice big kick in the teeth courtesy of Sky and SparkLend! It seems that these two platforms have had enough of WBTC’s dodgy ownership situation and are proposing to remove it as collateral within their ecosystem. And who do you think might be behind this decision? That’s right, folks – Justin Sun himself! Or at least, his affiliates… or maybe even shell companies with nominee directors (because why not?). Anyway, the team at Sky has cited ‘recent changes in WBTC ownership and control’ as reason for offboarding it, which is just a fancy way of saying they don’t trust Jusin’s crew to keep their hands clean. And let me tell you, this decision couldn’t have come sooner! With $73 million worth of debt collateralized against WBTC on SparkLend alone (and another $127 million in legacy vaults), it was only a matter of time before things started getting messy.

Source: cointelegraph

Sky proposes dropping Wrapped Bitcoin over claimed Justin Sun ties
https://cointelegraph.com/news/maker-sky-eyes-dropping-wrapped-bitcoin-justin-sun
The decentralized finance lending and borrowing platform Sky, formerly known as Maker, has proposed removing Wrapped Bitcoin as collateral within its ecosystem, citing concerns over the token’s close association with Justin Sun.​ Sky’s team said in a Sept. 12 post on the protocol’s governance forum that it was giving official notice that it would offboard Wrapped Bitcoin (WBTC) variants on SparkLend, its decentralized non-custodial liquidity protocol. According to the proposal […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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