Hanzo ㊗️|2月 08, 2026 15:17
🚨 $8.5B RISK NO ONE WANTS TO TALK ABOUT
wBTC holds $8.5 BILLION in Bitcoin.
All custodied by BitGo + BiT Global multi-sig across US, Singapore, and Hong Kong.
Most people don't think twice. But here's what you're actually trusting:
The custody chain:
> BitGo's operational security
> BiT Global's controls (Hong Kong jurisdiction)
> Multi-sig key management across 3 countries
> That regulators won't coordinate seizures
In August 2024 BitGo announces partnership with Justin Sun's BiT Global.
MakerDAO's instant response?
Offboarded $155M in wBTC collateral. Immediately.
Why? Because custody = trust. And trust in crypto = risk.
Here's what people miss:
wBTC isn't Bitcoin. It's an IOU from custodians holding Bitcoin.
@PortaltoBitcoin to Bitcoin built the alternative - native atomic swaps:
> Real BTC stays on Bitcoin mainnet
> HTLCs coordinate trustless swaps
> If anything fails -> automatic refund
> ZERO custody. Ever.
Validators coordinate matching, but they CANNOT seize funds.
They can censor or delay, but can't steal.
Portal's mainnet went live September 2025.
BitScaler handles native cross-chain swaps without wrapping. 18M+ testnet transactions proved it works.
So here's the question:
What happens to that $8.5B when trustless alternatives scale?
DYOR.
Start by asking who actually controls your Bitcoin.(Hanzo ㊗️)
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