• The whale acquired 347 Wrapped Bitcoin (WBTC) in just 12 hours on August 19.
• BitGo plans to transfer control of WBTC to a joint venture between BitGo, BiT Global, and the Tron ecosystem.
• Coinbase has hinted at the launch of its own wrapped Bitcoin token, called “cbBTC.”

An unknown whale has been rapidly accumulating Wrapped Bitcoin (WBTC), amassing over $118 million worth of WBTC in a short period of time.

According to blockchain analytics firm Lookonchain, the unknown wallet has collected a total of 1,953 WBTC, purchased at an average price of $58,853 per token.

The most recent transaction was particularly notable, with the whale acquiring 347 WBTC, worth approximately $16 million, in just 12 hours on August 19.

A whale collected 347 $WBTC($16 million) again 7 hours ago!

This whale has had a total of 1,953 $WBTC($118 million) from #Binance for an average price of $58,853. https://t.co/XlRBgyL4Tt photo.twitter.com/g1KRtkK5eY

— Lookonchain (@lookonchain) August 20, 2024

This sudden and significant accumulation has caused a stir, especially as it coincides with the ongoing debates and controversies surrounding the ownership and management of WBTC.

BitGo’s Plans to Transfer Control of Wrapped Bitcoin (WBTC)

The controversy began earlier this month when BitGo, the company responsible for issuing Wrapped Bitcoin (WBTC), announced plans to transfer control of the token to a joint venture between itself, Hong Kong-based asset manager BiT Global, and Sun’s Tron ecosystem. The move has led to increased scrutiny and concern among major DeFi players.

In response, MakerDAO, a leading decentralized finance protocol, acted quickly to mitigate potential risks associated with WBTC. On August 16, the platform approved a proposal that would ban lending against WBTC collateral on its Sparklend platform.

Also, Aave, another major DeFi protocol, is reportedly considering introducing an alternative wrapped Bitcoin token, TBTC, offered by Threshold Network.

Amid these developments, speculation is rife about Coinbase’s possible entry into the wrapped Bitcoin market. The US-based crypto exchange has hinted at the launch of its own wrapped Bitcoin token, dubbed “cbBTC,” which could further shake up the market.

The mysterious whale’s aggressive accumulation of WBTC, in light of these industry shifts, adds a new layer of intrigue to the ongoing narrative in the crypto world.