In a twist that could make even the most stoic of Wall Street brokers crack a smile, World Liberty Financial’s decision to embrace wBTC over Coinbase’s cbBTC has sparked a fiery tirade from Justin Sun. The TRON founder, never one to shy away from a good verbal brawl, accused Coinbase of playing fast and loose with its custody practices. 🎭
The feud between Coinbase and Sun has reached a boiling point, with Sun lambasting the exchange’s centralized approach to its tokenized Bitcoin offering, cbBTC. Sun, ever the provocateur, took a swing at Coinbase’s proof of reserves, calling it as reliable as a chocolate teapot. He then tipped his hat to Trump-affiliated World Liberty Financial for opting for Wrapped Bitcoin (wBTC) instead of Coinbase’s offering. 🍫☕
Let me break down this 4D chess move for you.
Why did the president choose WBTC as his BTC reserve instead of keeping it on Coinbase or as CBBTC?
The answer is simple: not your keys, not your coins!
Relying on Coinbase’s 0 Proof of Reserves (PoR) product means your BTC could…
— H.E. Justin Sun 🍌 (@justinsuntron) January 23, 2025
In a Jan. 23 post on X, Sun didn’t just throw shade—he hurled an entire forest. He warned that Bitcoin reserves under cbBTC could be as secure as a screen door on a submarine, with the potential to be frozen or confiscated at Coinbase’s whim. “Not your keys, not your coins!” Sun declared, his words dripping with the kind of sarcasm that could curdle milk. 🥛
Sun didn’t stop there. He hinted at potential favoritism in Coinbase’s operations, suggesting that access to funds might depend on who you know in the exchange’s legal department. As of now, Coinbase has remained as silent as a mime at a library, offering no public response to Sun’s scathing critique. 🤐
This drama unfolds as reports reveal that WLF has been quietly stacking wBTC like a squirrel preparing for winter. BitGo, the issuer of wBTC, found itself in the spotlight late last year when Sun announced a joint venture with BiT Global and BitGo to manage wBTC products. 🐿️
According to Arkham Intelligence, an address linked to WLF holds a cool $56.4 million in WBTC, with Ethereum (ETH) leading the pack at over $181 million. Notably absent from WLF’s portfolio? cbBTC. It seems the Trump-linked firm has decided to keep its Bitcoin as far from Coinbase as possible. 🚫
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2025-01-23 14:36