NFT News Daily Offcial TheBitTimes.com

HTX, the Justin Sun-advised crypto exchange, has been rapidly redeeming massive quantities of wrapped bitcoin (WBTC). This started on November 24 with HTX redeeming approximately 5,182 bitcoins and has continued with the additional redemption of 2,166 bitcoins on December 1. Both of these transactions were unusual to observe, given that WBTC has no 24-hour volume on HTX.  Additionally, there is no WBTC included in the proof-of-reserves for HTX.  Furthermore, neither of the two bitcoin addresses that these redemptions largely ended up in, 1Fgpaz4kXyz35WKMGk2Yo19mR9pk3KC8zx and 1Apv2EuoHyCpKsxdFEPv5GSddqDMt3bTN6, are included in the proof-of-reserves. Coinbase to delist WBTC months after Justin Sun controversy Read more: Justin Sun’s USDD removes 12,000 BTC without DAO approval Furthermore, the total amount redeemed, approximately 7,300 bitcoin, would represent approximately one-third of all bitcoin included in the HTX Proof-of-Reserves. Despite ...

HTX, the crypto exchange advised by controversial figure Justin Sun, recently redeemed 5,182 wrapped bitcoin (WBTC) worth approximately $500 million, according to the official WBTC dashboard. This comes just over three months after Sun entered into a new joint venture with BiT Global and BitGo to manage the custody of bitcoin for WBTC. On-chain data for WBTC suggests this is the sixth-largest redemption of WBTC of all time and is the largest redemption in the last 635 days. Threshold Network delegate ‘mrsthreshold.eth.limo’ highlighted that this large redemption was processed in only a few hours, whereas other recent smaller redemptions often seemed to take several days to process . Wrapped BTC is no longer the trusted, unbiased custodian it used to be. Compare these timelines: — Justin Sun’s HTX gets 5,182 $WBTC redeemed in under 5 hours. — CoinList users wait over 11 days to redeem just 80 WBTC. Justin Sun can now front-run markets and exploit… pic.twitt...