Justin Sun believes that a wrapped version of Bitcoin in the form of a standard token ERC-20 is not able to attract new investors to the market, and its value is questionable:
“cbBTC has no proof of reserves, no audits, and if something happens to this product, users will not be able to get their money back. Any court order from the US government will result in all your bitcoins being confiscated. This clearly shows how centralization can undermine the foundations of bitcoin. A dark day for the first cryptocurrency.”
The businessman said that he has been approached by representatives of decentralized finance projects concerned about the possible strengthening of market surveillance and the risks of reduced security for the Ethereum and Base.
Earlier, Justin Sun reported that his team was creating a stablecoin, the transfers in which will not use gas in the Tron and Ethereum networks. Commissions will be covered exclusively in the stablecoins themselves, the developer assured.
Source: Bits
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