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A mysterious whale's WBTC spree and custody shake-up intensify crypto market intrigue—what's fueling this chaos?

As per the on-chain data, the unknown wallet has accumulated a total of 1,953 WBTC from the crypto exchange Binance at an average price of $58,853.

Justin Sun moved 2,590 Bitcoin ($156 million) after BitGo changed its WBTC custody arrangements. BitGo is shifting WBTC custody to a new joint venture with BiT Global, linked to Justin Sun.

An unknown whale has accumulated $118 million in WBTC amid controversy over its ownership structure, prompting major DeFi platforms to limit its use and potentially opening opportunities for alternative wrapped Bitcoin products

According to Lookonchain, an unknown wallet address has accumulated more than $118 million worth of Wrapped Bitcoin in the last week.

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In an unprecedented development, a smart money address has made over $14 million in profit by selling Wrapped Bitcoin (WBTC). As the Bitcoin (BTC) price touched an ATH this year, the smart money started gradually offloading its holdings, making a staggering ROI.

Will the new WBTC custody operations model calm all users?

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.

BitGo is preparing to expand management of wrapped bitcoin (WBTC), worth $9.2 billion, to two new entities in Hong Kong and Singapore within two months.

Coinbase announced the launch of its cbBTC wrapped bitcoin token with a cryptic post. It will be deployed on Base to develop a ‘Bitcoin economy' on the Ethereum layer 2.

Coinbase, one of the largest U.S.-based cryptocurrency exchanges, has hinted at the launch of its own wrapped bitcoin alternative, cbbtc. On X, Coinbase posted the currency name, followed by another post stating that it was coming soon.

Critics of Sun's involvement don't understand the operational mechanics, the crypto custodian's CEO, Mike Belshe, said during an X Space discussion.

Coinbase has announced plans to launch cbBTC, a wrapped version of Bitcoin, on its Base network

Coinbase gears up to make a play for the tokenized Bitcoin market amid uproar over WBTC's management change.

TL;DR Swell launches swBTC, a liquid restaking token that allows Bitcoin users to earn yields by depositing Wrapped Bitcoin (wBTC) into the Ethereum network. swBTC employs restaking, adapting the use of ETH as collateral to secure other chains, with yields expected to be available from mid-September.

Community reacts to Coinbase move, as the latter challenges WBTC's dominance.

Coinbase will be up against Wrapped Bitcoin, which already has "a strong moat against new entrants,” an analyst told Decrypt.

Users can deposit their wBTC to get swBTC in return, with yield expected to start flowing from mid-September – as part of a blockchain "restaking" scheme ultimately designed to secure protocols in the Ethereum blockchain ecosystem.

Coinbase appears poised to enter the wrapped Bitcoin market following recent disclosures from the firm. On Aug. 13, Coinbase's official X (formerly Twitter) account teased an upcoming product with a post saying “cbBTC,” followed by “coming soon.

Coinbase indicated plans for a cbBTC against the backdrop of Wrapped Bitcoin (WBTC), which has become controversial in crypto.

The US-based crypto exchange Coinbase has hinted at the launch of a new product tagged cbBTC through a post on their X page.

Tweets from the crypto exchange and Jesse Pollack, the creator of Base, suggest cbBTC could run on the layer-2 blockchain.

Coinbase has set the crypto community abuzz with speculation following a cryptic hint about a potential new wrapped Bitcoin product, tentatively called “cbBTC.” The news came courtesy of an Aug.