On September 20, the lending platform Sky (formerly MakerDAO) has passed a proposal to divest $200 million of WBTC collateral asset exposure. The vote began on Monday and lasted for three days, with 88% of participants voting in favor of abandoning wBTC and five separate proposals to implement a five-step exit process. About 12% abstained.
After the vote, Sky will proceed with the delisting of WBTC, with the first phase starting on October 3 and the final phase ending on November 28.
BA Labs cited the risks of Tron founder Justin Sun’s involvement with the underlying asset’s custodian, BiTGlobal, in its proposal to divest WBTC. WBTC’s original custodian, BitGo, announced in August that it planned to transfer control of the asset to a joint operation with BiT Global, whose custodial operations are based in Hong Kong.
